Banks are limiting the international spending limits on customers.
For instance, Fidelity said in a mail to customers on Wednesday, “Please be informed that the spending limit on your Fidelity naira visa and master card is now $1,000 monthly for international transactions.
“This means your card can be used on POS, Web and ATM for a cumulative transaction value of up to $1,000 monthly.
“However, your daily ATM withdrawal limit is pegged at $300.”
The Guaranty Trust Bank also sent a mail on downward review of international spending limit on naira master card to its customers.
It stated, “We would like to inform you that the monthly spending limit on your GTBank naira master card has been reviewed from $3,000 to $1,500 for your international online and PoS transactions effective from March 25, 2020.”
Some industry observers have however said this might be due to economic challenges and strain on forex availability.
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