[img]http://www..com.ng/wp-content/uploads/2015/04/CBN-reduces-annual-overseas-spending-from-150000-per-Nigerian-debit-card-to-500002-300x241.jpg[/img]

CBN reduces annual overseas spending from $150,000 per Nigerian debit card to $50,000

The Central Bank of Nigeria (CBN) has cut the annual overseas spending by Nigerians using any Nigerian banks debit card from $150,000 to $50,000. It has also brought down the daily usage card limit to $300. According to the CBN, the move is being taken to reduce the pressure on the Naira.

In a circular signed and issued yesterday April 14th by the director, Trade and Exchange Department, Olakanmi Gbadamosi, the CBN said the new limit takes effect from Monday, April 13, 2015.


"All authorized dealers and the general public are hereby informed that with effect from the date of this circular (13th April, 2015) the existing limit on the usage of naira denominated cards for transactions overseas has been reviewed downward. Accordingly, the limit has been reduced $150,000 to $50,000 per person per annum. In addition, all authorized dealers are to ensure that the daily cash withdrawal limit embedded in the card per person per day is pegged at $300. Authorised dealers are to ensure strict compliance whit this new limit and render monthly returns of the transactions to the director, Trade and Exchange Department, CBN not later than 5th day of the following month.”

The circular however did not state if there would be restrictions for individuals with multiple naira denominated cards from different banks.

Read more>>> http://www.justyouchat.com/cbn-reduces-annual-overseas-spending-from-150000-per-nigerian-debit-card/

Ok na , sheybi una go rethink am when me wan travel sha, till then sef, wey my paali

this new CBN guy is trying but he is avoiding the key things just to keep his job and avoid stepping on toes, its bad and laughable .


why are they always targeting the common man.

many big shots i know have more than 2 domiciliary account with different banks so they can still get their way through multiple cards from different banks.

they also have accounts with foreign banks were they transfer their dollar denominated incomes to the very moment it drops. even their naira inflow in converted and transferred out. they claim to be importing parts and assets for their work yet they dont have a form M or a proforma invoice from the said vendors. even when they have, some are fake, raised by their cronies to fool the system

so whether card or no card, they will not be bothered and the naira will be were it is or even worse.

Since buhari has been elected, this CBN govnr dey work like elephant...