In the new arrangement, all ATMs that were enabled for domestic and
foreign transactions have been restructured to limit Naira cash
withdrawal at ATMs from N150,000 per day to N60,000 per day while
foreign currency is $300 per day.
The new arrangement has separated traditional ATM from MasterCard credit
card where the former has now been deactivated and can no longer be
used for transactions abroad.
Henceforth, a single ATM card serves for transactions for both domestic and abroad.
Also, the restructured cards now have spending limits on
POS/eCommerce (online shopping) at $300 (about N60,000) per day. Before
this, the limit was N2 million per day.
In a communication to the customers, the bank explained:
“In view of the increased difficulty in
sourcing foreign currency to settle international transactions on Naira
MasterCards, we have reduced the daily international spending limit on
your Naira MasterCard to $300.This means that you can only spend up to
$300 daily when using your Naira MasterCard for international payments
via POS and online.
“You will, however, continue to have the
option of paying for medical bills, school fees, mortgages and credit
cards using Form A, as these are eligible transactions for foreign
currency. Simply visit any GTBank branch to complete a Form A along with
the required documents to make these payments.”
These developments came on the heels of Central Bank of Nigeria’s
(CBN) statement on Sunday that all legitimate requests for foreign
currency for eligible transactions, normally referred to as
“invisibles,” such as remittances for school fees, student maintenance
allowances, BTA, PTA, medical and other eligible transactions, shall be
fully met at the official/interbank exchange rate.
A statement from the CBN added:
“The CBN hereby directs all authorised
dealers in foreign exchange in Nigeria to henceforth treat as top
priority all legitimate demand for foreign exchange for eligible
transactions.
“The CBN once again advises individuals
that wish to source foreign currency for such eligible transactions to
approach their banks with their legitimate demand as the CBN has made
adequate provisions of foreign currency for all such legitimate and
eligible purposes.
“Furthermore, holders of Naira denominated
debit and credit cards shall continue to have access to the use of their
cards at ATMs in any part of the world but subject to the annual limit
of $50,000. ATM withdraws shall continue to be a maximum of $300 per
day.”
Vanguard