Banks hack retail customers’ dollar spending limit by half

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CBN Governor, Godwin Emefiele
CBN Governor, Godwin Emefiele

Banks hack retail customers’ dollar spending limit by half

Banks in Nigeria have cut customers’ dollar spending limit on debit cards due to paucity on greenback in the economy.

Some banks notify their retail customers that their dollar spending limit has been cut by half.

Effective from today, retail customers are to use up $1,500 per month as against $3,000 for international online and point of sales transactions..

The move which analysts say is a directive from the Central Bank of Nigeria would drastically cut dollar spending of Banks customers.

To maintain FX stability following the declining external reserves, the CBN adjusted rates at the investors and exporters window to reflect economic reality at the moment.

Read Also: GTBank bullish on retail loans, says succession plan in progress

In the process of converging rates, it sold dollar to Banks at N380, while Bureau De Change got greenback at N378 a dollar.

There have been reduction in dollars inflow into the economy as receipt from exports earnings decline.

This, couple with negative impact of coronavirus that has wreaked havoc on the global economy, make demand for dollar accelerated above supply.

Banks hack retail customers’ dollar spending limits by half by Ogochi Ndubuisi

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