Offshore spending limit on naira debits cards by CBN
Since the central bank of Nigeria has placed spending limit on the naira debit card it is becoming increasingly difficult for Nigerians to do foreign transaction.
On the 11th of October Bank Customers noticed that $250 is the maximum oversea spending limit on naira debit card.
On the 13th of October it was further reduced from $250 to $100 maximum oversea spending limit on naira debit card.
The policy has made things difficult for the IT industry as many companies were stranded for days not knowing what to do or how to pay their foreign providers.
To make matter worse banks did not send the regular circular ahead as they usually do informing their customers of the new policy, I cannot tell if it is a directive from CBN not to inform the public or it was a deliberate attempt by the banks to keep their customers in the dark.
Before now Nigerians shop online with their naira debit cards and some pay for some other services like websites hosting and the likes, but with the spending limit most of the companies oversea will start losing their Nigeria clients because most people will look for local alternative services providers.
It is time to look out for local providers for most of your services another option is to buy dollars from the black market and fund your dollar account.
In my opinion patronizing the local vendors will go a long way in solving the naira crisis.
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