Nigerian bank international spending limit on Naira cards
Naira depreciation in value and Naira to dollars exchange rate at the black market has also affected the allowance rates by banks that Nigerians can spend with their naira cards online.
Due to individuals doing money laundry with the echange rates, all Nigerian banks following CBN’s directive have reduced their monthly dollar exchange limits.
All banks now set their monthly limit to $100 or below.
This means that as a Nigerian debit card holder, you can only do an international transaction of up to 100$ in a month.
If you need to pay for something more than 100$, like buy something on Amazon or pay some charges, you will have to source your dollars from somewhere else, like buy from black market.
This is to help cub money laundry as some people have been known to buy dollars at cheap rate from banks and resell at higher rate to black market buyers.
As it’s constant in nature, there’s no free energy, something must go for something so those trying to get this “money in the air” are the ones that made this regulation become necessary, thereby making life harder for those trying to buy online or pay for services with their naira Mastercard.
If you must pay above $100, you can apply for domiciliary account and get dollars credit card. However you must source your own dollars to put in the account.
The limit for dollars card is $1500 and below per month.
The $100 limit filter
This filter has completely removed the possibility of money laundry from the country.
For those who think Nigerian government hasn’t done anything right, they did this quite alright.