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.
Share on Facebook «||»
Share on Twitter «||»
Share on Reddit «||»
Share on LinkedIn
BREAKING: Nigerian Banks Must Source Foreign Currency On Their Own As CBN Plans To Stop Sale Of Forex To Banks: Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has announced that the CBN would stop the sale of foreign exchange to Deposit Money Banks by...
Metal Card V/S Plastic Card – What is the difference?: As wealth and standard of living continuously improve, so have the ways to flaunt one’s status. Many people opt for custom bank cards over regular...
Western countries consider disconnecting Russian banks from the SWIFT international payment system: Western countries consider disconnecting Russian banks from the SWIFT international payment system, the German government said, TASS reports. New restrictions will affect the Russian banks...
Love Knows No Limits: Disabled Nigerian Man Defies Stereotypes in Search for Relationship: Empowering Love: Disabled Nigerian Man Seeks Relationship, Defies Stereotypes In a heartening move, a disabled Nigerian man with the handle @Pjayzee on the X app...
Nigerian Banks and Fintechs Explore Collaborative Measures to Combat Soaring Fraud Rates, Aiming for Central Bank Approval by Q1 2024: Addressing Escalating Fraud Challenges: Nigerian Banks and Fintech Firms in Talks for Collaborative Industry Solution As instances of fraud in Nigeria’s financial landscape continue to...
Actress Iyabo Ojo Countersues Naira Marley for 1 Billion Naira Amid Legal Battle: Naira Marley’s Lawsuit Initiation In a surprising legal twist, renowned actress Iyabo Ojo retaliates against Naira Marley, countering his 500 million naira lawsuit with an...
TikTok Video Sparks Debate as Canada Resident @foya2005 Reveals Huge 1.4M Naira Monthly Tax Deductions from 4.2M Naira Income: Tax Frustration in Canada @foya2005, a Canada-based individual on TikTok, expressed frustration over substantial tax deductions from her monthly income. Out of her earnings totaling...
Drivers issued a warning to prepare for the switch in road limits starting on Sunday.: Caution Urged as Speed Limits Drop in Wales: Rely on Signs, Not Sat Navs Introduction: As Welsh roads prepare for a reduction in speed limits...
Can Money Buy Dreams? Christie’s Auction Tests the Limits with Record-Breaking Hermès Bags Fit for Royalty or Oligarchs: Christie’s Unveils Exclusive Hermès Bags, One Fetching Record Price Luxury on Display: Famed auction house Christie’s recently showcased some of the most exclusive Hermès bags...
Startling Revelation as 13% of South African Youngsters Exceed Healthy Limits: In a concerning development, recent data has uncovered a significant health issue among South Africa’s youngest population. Approximately 13% of children under the age of...