ATMs that were enabled for domestic and foreign transactions have been officially restructured to limit Naira cash withdrawal at ATM machines in Nigeria.
Customers queing up at a bank ATM to withdraw money
According to a report on Vanguard, all Nigerian banks ATMs enabled for domestic and foreign transactions have been restructured to limit naira cash withdrawal at ATMs 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. A single ATM card now serves for transactions for both domestic and abroad.
The restructured cards now have spending limits on POS/eCommerce (online shopping) pegged at $300 (about N60,000) per day. Before this, the limit was N2 million per day.
In the new arrangement, a bank customer with multiple debit cards (ATM cards), only the one linked to the primary transactional account will be enabled for use abroad. Such customers could transact with any of the cards that is funded.
Banks are putting in place alternatives in these adjustments to address the concern of customers who are now being directed by their banks to reapply for a new card arrangement to suit their purposes.
For instance, Standard Chartered Bank has asked its customers to request a complementary ATM card for domestic use only so that the original N150,000 daily cash withdrawal limit can be restored and also reactivate POS/online purchase limit of N2 million per day.
Guaranty Trust Bank Plc had informed its customers of its decision to reduce the daily international spending limit on their Naira MasterCard to $300 with effect from yesterday.
These developments were coming 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 that already all the legitimate demands for such transactions through recognised channels have so far been fully met by CBN.