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.
79 comments:
Problem for the rich.
If this will in anyway work to give the naira its deserved value, fine!!!
This is good! Lindaobsv
Okay
Next!! !!!
Ok
I Hope this is a step in the right direction
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Sai buhari
WTH!!! I do not like this news. I need to withdraw way more than that today for somtin important. Things are expensive in the UK. Mtchwwwww
Nice one, and I hope dis indeed reduce d pressure on naira.
Anything to improve the economy is welcomed by me.
Ridiculous!!!
DS REDUCTIONS WIL MEK SENSE CUZ NIGERIANS SPEND ALOT,PPLE DAT AINT WRKIN SPEND MORE, I PRY BUHARI SUCEEDS IN REDUCIN GOVENORS, SENATORS ETC ALLOWANCES..SO DAT POLITICS WNT B A DO OR DIE AFFIAR...TOMJERRYSWIT
Hope it spreads to govt officials too.
OKORO UPGRADED**
Na 4 Pple wey they Travel na
Hmmm.
Very good
If its for the good of naira.
Then am ok with it.
How does this make sense? Even if you want to peg why not a more sensible figure.
Some of us schooling abroad use nigerian cards to pay fees,rent etc.
I tire for Naija abeg.
Ok ooooo
Mumus.
Na now una dey know?
Amen Amen Amen
can someone please explain banks will not sell more than 4,000USD per quarter to you, some have stopped PTA and will tell you to use your debit card abroad and CBN has now restricted how much you can spend from that debit card per year. If this is not madness please explain to me what is happening.
I work hard for my money so who is CBN to tell me how to spend it? Why not restrict the FG's spending too? They can carry 9.3million dollars on a jet to South Africa but the ordinary Nigerian cannot spend more than 50k per year.
The only ones that will benefit from this are bureau de change as dollar will remain a scarce commodity.
Can someone please explain if it is cash transactions or pos transactions?
review of why men marry bitches
This mad man! What's up with the money he helped Jonathan hide in zenith bank?
Don't understand shit from this........somebody pls explain to me
If it helps the naira then its good for the country. I believe Buhari will still change top management of CBN anyway. For some of us that spend time out of Nigeria, its a 50/50 feeling with this exchange rate, of course you are happy for your country that the naira is strong but then a part of you is like damn! money sent home wont make much difference.
Linda, it would actually still work for users with multi bank accounts because of the BVN. It links all your bank accounts together, so it would tell if you get to your limit.
Hope i'm making sense.
Wat abt pple dat travel 4 biz, won't dey buy enof guds 4 der shop? Na rubbish policy b dat 1 o
Wat abt pple dat travel 4 biz, won't dey buy enof guds 4 der shop? Na rubbish policy b dat 1 o
This is actually going to increase pressure on the Naira because if Nigerians can't spend it from their cards they will carry/use cash. Can these guys find a more intelligent way of achieving their aim?
This is actually for heavy spenders. Good move. At least let the Naija get small value kwanu. If you have cards for different banks, you can use them I believe. Daily limit is per bank.
That is good
That is very good
That is very good
Pple saying it makes sense r clearly nt abroad. Dis is nt good news for me!
If it helps the Naira value, then good work.
aurabytiti.blogspot.com
No it will not and Cbn is gradually becoming a dictatorship. When the dollar falls, the u.s doesn't do all this silly stuff. U make ur money stronger by working harder. By creating a better economy, more jobs, infastructure, manufacturing. The chinse govt is essentially helping it's people ship to other countries for free. Cbn and naija govt are busy looking for easy lazy man's tactics which are not sustainable
Not bad if only it will improve our economy.
Good for our Naira but the difference is way up. It only restricts money spent considering the economy and tariffs on imported goods.
THIS IS A VERY PRUDENT POLICY.
NIGERIANS SPEND WAY WAY WAY TOO MUCH ABORAD, IT'S A WONDER A LOCAL ECONOMY EVEN EXISTS. THIS WILL PUT A BIT MORE PRESSURE ON NIGERIANS TO DERIVE THEIR GOODS AND SERVICES LOCALLY. WHERE NOT AVAILABLE, IT WILL DRIVE THEM TO SEEK THESE GOODS AND SERVICES LOCALLY WHICH WILL BY AND LARGE MAKE THEM DEMAND THE CLIMATE THAT DRIVES LOCAL PRODUCTION(I.E GOOD GOVERNANCE)AND STIMULATE COMPETITION.
WE ARE FINALLY HEADED SOMEWHERE
This is absolutely good. People who are complaining are either fools or have zero knowledge of basic financial economics
Many on here will comment based on the fact that it doesn't necessarily affect them.. but for the people it affects this is somehow fucked up... if there was to be a reduction it shouldn't be over a 100% reduction nau.... consider people who make heavy transactions. The reduction should have been a gradual process not a drastic one like this
Buhari needs to change this CBN governor asap...he doesn't know what he is doing...
first of all,my view is these guys handling our economy are clueless.....the central bank created this mess....why did they devalue the naira...in the first place...atleast i know they did not do it for the people of this country and not to help the economy has we dont export things...we basically import....i would presume they did it for a few elites..that have businesses abroad...not for the man or the woman on the street trying to import some things to sell..who has to pay about extra 40 naira on a dollar...technically they are strangulating..the guys selling cars,bags...and all....Its funny how they just come up with funny rules...why create the mess in the first place...and reducing the amount people spend is stupid at this time...my take is most of this guys are clueless....and certainly this is another wrong turn......
What the fuck.... what good about this shit?? Fuck y'all who says good. Fuck Jonathan, fuck CBN governor. After when they teamed up with this fail criminal Government looted they country drained. It's now they realise to take adequate measures by tryna placing the consequences on innocent poor citizens. Fuck them y'all who don't want the good living of the people.... scum-sucking pig
And what is the rationale behind this? He has clearly lost focus
well, it says per card and not per person so i guess multiple cards means multiple withdrawals.
But it doesn't talk about using your Nigerian card for overseas online transactions oo
Effing ass hole. In his short time pounds became 335. He can't handle growth. People like him just want to restrict the ordinary people as punishment for the rich. If he wants to help the value he needs to go back to his bank and stop all the round tripping they do.
It is just cash transaction only
Financial institutions cleaning up their acts before Buhari takes charge. A whole lot of changes and shake ups to come! That's why we voted Buhari, for shake ups and CHANGES!!! Hahahaaaaa
Mac10...
Exactly. .stylishly devaluing the naira even more. Only if people really understood the plan.
Come, first go and read well before trying to write. There are steps to anything in life. Follow them.
Good move
Hmnnnn! !!!....50grand is not cool mehn!!!, mayb 100grand kinda fair. Gradual change we need, not diz unbalanced &unfair instatenous change.
that's nice step, bad news for rich new hope for poor
nice step from CBN , I hope to continue c more positive changes
It's a welcome development. Am Expecting a better outcome frm dis anyway.
This is madness why did they reduce it to $2000 at least..for instance you have a house rent to pay in 2 days so you expect us to be removing 300 per day SMH who sign these useless policy please.
Why. Daris God oooooooooo. All this money that your reducing now is it part of change?
This governor is so ANTI customer and PRO banks, all of his decisions never benefit customers. First he brings back the 65naira charge on ATMs that Sanusi removed.What next??
This is such a terrible news which was already in effect before the presidential elections in March (as experienced by me), and trust me it wasn't funny as unnecessary charges were incurred over the period a meager amount of N250000 (dollar equivalent) was drawn. The question is how does it add value to the naira? There's just no sense in that. If the economic activities are improved such as the internal production and refining of petroleum products (including exportation) which Nigeria is heavily dependent on, the naira would greatly attract foreign exchange and increase in value in the process. So please those thieves should concentrate on the real issues inhibiting the growth of the country and stop making the common man suffer. Rubbish!
Banks will suffer this action. How many deals abroad can u do with Pos and when your card fails due to network in mother land Nigeria. They think is a scam......
Nice move #Naija
ok ooo, we don hear nah, wahala for the rich.
This is what happens when you vote 'competence', only d shadow of buhari is already making Nigeria a better place
Nice move #Naija
and how do you know it's good?
Ah linda this has being going on for the past month of March... it's hell for those using accounts in nigeria and living abroad, see what PDP and election bribing has caused...useless CBN
Rosie Said......What is wrong with these people that you put there to head financial agencies,who knows nothing about economy and money management.Who is the CBN Governor to tell people how and when to spend their money? This is your raw cash in the bank, it does not matter if you want so spend all your money in one day,we do not have credit cards in Nigeria,so what is this man's problem?
makes a ton of sense, i just tried to use my GTB outside Nigerian and $320 was above my daily limit, that must have been effective pretty fast. Not a good move, a more realistic figure from $1000 to me would be $500
It pains me so much to see people comment on issues they know absolutely nothing about.
How? Mumu
Nope, it isn't . There are other pressing matters cbn should tackle
It doesn't . U don't know s###
From ur comments , I always knew u were dumb. Pls pls, for ur own good. Go back to school. Read educate literatures, solve maths, exercise ur brain. U rili need it
This is a very stupid move, how do they expect those schooling outside of Nigeria to pay for school fees, rent etc, after de-bailing the currency they still won't let us rest!! Allah ya isa
Hello linda, please I want you to delete a previous comment I made, I which I asked for cbn governor emiefele to be removed. After due consultation with the bank I operate I was made to understand that the cbn ban on naira denominated debit cards for foreign transactions applies only to corporate bodies and not to regular bank accounts of individuals… this means that my previous comment was in error and I would like you to delete it. In that comment I said no more amazon, no more ebay and no more paypal… the comment was erroneous, please delete it and after that delete this one as well. Thanks linda – ALI (my previous comment id was anonymous)
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