CBN Slashes Annual Overseas Spending Limit With Naira MasterCard

In a press release made available to the media, The Central Bank of Nigeria (CBN) in a move to firm up the naira against the dol­lar, yesterday unveiled a reduction on spending limits on foreign exchange with the Naira Mastercard. The new monetary policy unveiled by the Apex Bank revealed that henceforth, the FX will be reduced from $150,000 to $50,000 per annum.
This means that a customer can only spend a maximum of $50,000 in a year using his Master­Card when abroad (shopping online at foreign stores, ATMs and POS). Besides, the CBN has also announced a new regime on the daily cash withdrawal limit for the Naira MasterCard which has also been reduced to $300 per day.

These moves were to ensure sanity in financial transactions in the country. In another move to ensure sanity in financial transactions in the coun­try, the CBN has directed banks to immediately forward details of Nigerians who are in the habit of issuing dud cheques. This is part of efforts to curb issuance of dud cheques.