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
112 comments:
Nice idea.. New Dev.
Cool
All we pray it work well so dat at end of d day it don't b another fruitless effort
60,000 has been the limit in some banks since.
Not baf
Not bad at all
haba this is wickedness o and master card extorts from me for every withdrawal minus indian charges now i have to suffer this everyday
Better
Haba! This is becoming crazy abeg.
Common mistakes made by women in marriages and relationships
Hmmmmm. Even during d days of financial crisis we never had it lik dis and to whose favour is dis really for, d banks or d customers...
Definitely d bank's r b highly favoured by dis new policy bcos they r concerned after their purse's. Rubbish!
For my own money kwa Na wa o
I'm not an economist and don't know much bout circulation of cash, but isn't 60k too small? Some emergencies may come up where much more cash is needed, nawa.
This is not Good!
Reminds me of Greece austerity situation. God help Nigeria.
I don't like this.....maka y........
Please, this is so complex and contradictory to itself.
Can we be cleared on weather online shopping abroad is still permissible or stopped, assuming i have only a Naira Mastercard.
Also, can i use my local Naira Mastercard to withdraw from overseas ATM Machines???
But isn't this rubbish.... I can't spend my own money again
Poor Naira.
Trying to dig the puzzle here... But i have confidence in CBN. If its for the greater good, then I buy idea... Kudos
Now this is a stupid policy. Very very stupid. What happens when I want to book an international flight online? Baba and CBN better answer au. This one will affect even normal people like us that did not follow to launder anything. Nonsense.
Are we sure we are not going the Zambia way?
No longer news. We don already know. It least it puts a check on people, but it's business people I feel for not random shoppers. We really need the Naira to appreciate a bit.
This is not the change we want..how about those of us studying abroad that needs to withdraw in large amount with our naira mastercard...
Nawa ooo
Before you know it they wunt allow us to withdrawn again.
Nawa ooo
Before you know it they wunt allow us to withdrawn again.
They come out with new policy everyday. Stupid people with stupid policy. Other countries are moving forward,we are moving backward. Buhari needs to sack this man. wrong policies everytime.
Dear Linda,
This is not for all banks o.
CBN only put limits on international transactions
This one na bank specific limit biko
Nice I must say
#ITwillONLYgetBETTER
#itMUSTendINpraise
This is basic stupidity! Tho there is Ä… bit of sense in †ÊœÉ› reason that is being given. There are several other ways of cutting short online transactions. You can't eat your cake ลи∂ have it. You want Ä… cashless society yet you want this. †ÊœÉ› Government of †ÊœÉ› CBN have to re-prioritise what they really need to ensure †ÊœÉ› growth of †ÊœÉ› Nigerian currency.
This is arrant nonsense nonsense, what's now the point of the policy. Do you CBN want us to start carrying cash ard so we can have plenty armed robbers to operate from home to home.what abt those that withdraws for huge transaction transaction. The CBN governor is a blocked head n his analysis is so poor.are u sure u read economist at all???? But am sure ur family is not involved in this policy.must u teach us how to spend moni so if I choose to stuffs abroad now for biz I wldnt be able too.mehn Nigeria is a mad country nt setting priorities right
Absolute rubbish! This will cause a lot of problem. Who the fuck is behind the implementation of this.
Nobody gonna agree with this
Emefiele should wake up and think!!! I put my money in the bank....you cant put restrictions on how i spend it. You want to go cashless, yet you're puting a limit on my POS transactions? So if i'm in Milan it means i can only buy one belt in a day! No bag for me because GTB will reject the transaction. Money that i worked for? These people should get their shit together and rethink this! It dsnt make sense!
I think this man needs to be checked! My own money?
HEARD!!!
WOOOOOOOW!!from 2M TO 60K???SUCH A DRP, MEHN.....TOMJERRYSWIT
When Nigerians want to do they overdo.. $300? Common! On money you've worked for? Suddenly they want to tell you how to spend it..it's very unreasonable!
Naija banks sef.. mayb we should go back 2 saving our money in our personal traditional saving boxes... naa wetin sef...
#nanapearl#
WHAT'S THE MEANING OF THIS? OF WHAT USE IS THIS TO THE ECONOMY? ARE THEY MAKING THINGS EASY OR ARE WE GOING BACK TO THE DARK AGES?
That is very nice of dem, sometimes some people go just take all the time dey withdrawn all the money
That is very nice of dem, sometimes some people go just take all the time dey withdrawn all the money
Someone pls help me explain this as I dont understand it rara...
E be like say ba house I go dey keep my money now!
Anyone see any parallels btw dis and d Greek financial crisis?
Na wa ooo so how do we deal with this shit. Do all my transaction online. Can u imagine this people.
They are getting annoying. Lazy people. Other countries will source for these funds and do their investigations without doing all these cutting down nonsense. I hate d new administration. All these nonsense is bcuz of d new govt. They are doing all these to make us bliv they are fighting any crime. Nigerians are not stupid. The people that travelled with the Prez shud be investigated. Stop making the innocent people suffer
What's happening. This won't change or bring a better economy. They should get more jobs for the youths. Farming, industries, steady light and so many on. The banking game in the contemporary country is getting worst. Nigerians we are beginning to see the demons rule us. Engr Emy
It will help with savings, for those that understand.
MOTHER OF CHRIST!! THIS IS SERIOUS OH!
a.k.a EDWIN CHINEDU AZUBUKO said..
.
This change don dey dey some hw shah...
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***CURRENTLY IN JUPITER***
It is well with my beloved country. Linda take note!
It is well with my beloved country. Linda take note!
It is well with my beloved country. Linda take note!
These guys are idiots........na we devalue naira?.....
As long as it would help in achieving d greater goal of fighting corruption and strengthening d naira, bring it on!
well, i personally think its a good idea. good for the economy. this implies that to get bulk money you would have to go over the counter. even for payment, using manual pay. we just hope to see the effect of this development
K
Central Bank mk ona stop em if na joke, wat abt business peepz like us? Haba . noooooooooo it won't work.
HOL
What a mess!!!!
Na wa o
Ook o
This surely defeats the aim of have a cash point card. So they wanted all of us to clear from the banks and use the cards, now they want us back in the stupid banks to queue for hours just to get N61,000.
Nna, make I go meet ahmed the carpenter to build kolo for me. I can't deal biko. Are this ones mad? Abi is it me that koba them? Untop my own money again 60k limit? It better be a joke.
This is very bad for we students abroad. Imagine collectin 300 dollars everyday to make up 5000 euros school fees.. and each withdrawals av a huge bank charge.. Nigeria wil always punish dia own ppl
CBN wit their policy
Since this new CBN governor took over he has been making some stupid stupid stupid laws.....wots wrong with that man.....just imagine ordinary 60 000 and sometimes when u want to withdraw 50k from the counter they ask u to make use of the atm
Since this new CBN governor took over he has been making some stupid stupid stupid laws.....wots wrong with that man.....just imagine ordinary 60 000 and sometimes when u want to withdraw 50k from the counter they ask u to make use of the atm
i dont understand, so now its better to withdraw money from the bank instead?
This is not good at all and it doesn't make any sense, take for instance, am in shoprite and want to buy a 42inch TV for 120k, with the N60k limit on both POS and ATM how do i pay for it, write a cheque? in which the bank deduct again .its really a crazy policy
R we in greece?
This is unacceptable though. Cos people will now be carrying cash about. They are discouraging Cashless policy then. What if someone is paying for items in shops worth hundreds of thousand? They should review it.
WTF?
Well I dnt think this is a good move because ma skul fees is more than 60k nd must be done online as there's no alternative to paying it. How do I continue to pay for that?? #letlovelead
This is not gonna digest well to students and businessmen....
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Brilliant! This move will stop reckless spending and help people to spend less or be more responsible with cash.
na wa,all this na to fight corruption shebi,hahaha,smh for Nigeria,these are austerity measures and not corruption fighting measures,the same measures that the ex finance minister wanted to carry out,all this APC modus operandi are all recycled ideas from the PDP govt.
Bullshit!
So if I have a medical emergency, I will go to the bank first to fill form A before I rush myself to the hospital abi? This people have lost their minds. On my own money that I worked hard for? What will I not hear?!
Mtcheeeeeeeew...dis is nt d change we re lookin for in Naija
This is just to aide robbers, nw so many victims. 9ja wake up na....
So which way now??
How are you suffering? Illiterate.
Rubbish....
You are soo off-point that to reply you appropriately is almost impossible. May God help your understanding in Jesus Name. . . Amen.
na waooo 4 dis CBN ogar
I assume Emefiele is treading towards trying to curb the ATM robbery which is now a norm where the robbers actually demand for your pin and either goes with you or not to the machine in which giving them an incorrect pin may attract to be rained with acid. On the other hand this shall destroy the use of having an ATM card and the benefits derived from it.
There needs to be a balance instead we will see ourselves going back to the long queues which we have so long forgotten. This is going to be a disaster in our everyday cash living in my opinion. Dollar exchange for one aint going any lesser and so the money evaluation of items to be bought, fueling in cars and generator set, transportation and unforeseen contingencies are also inflated. How can a sum of N60k in Lagos and Abuja especially be feasible. In states like Kwara amongst some states in the north it can feasible. Can the CBN governor look into this policy befor it destroys the economy totally
This is a resultant effect of Jona and Cronies thievery. The banks no longer have as much money, so they're trying to limit your spending in order for them to recuperate.
At least now we can still withdraw up to 60k. If jona had continued stealing, we won't even be able to withdraw 5k just like in greece, afterall that's the country okonjo kept using as a yardstick.
Issorit...
Greece 50€ per day it's bad
Mind you it economics.......fnk me later mugu
I like this idea but first Nigeria should tackle the issue of atm cards declining at POS. You can't expect to have shopped for a lot of stuffs and only to find out that the bank is declining the transaction when it's well known to you that you have money. In a view to cob taking cash all around, I think it's better to focus first on how to make the service efficient first before anything else.
What is nice about the idea? If I legitimately make money for my business and I take my family on a trip abroad what can $300 per day do for a family of 4????
You are the illiterate, there is a pe idiot charge for every international transaction made, if you need more that 300 dollars that means u have to go to the ATM more than once and be charged more than once.
I'm an economist, and I'm not sure how this would help, what do you mean $300 for Pos withdrawal and online purchases, damn it's unheard of. Who is advising the cbn governor???
I won't even judge this policy yet but I can see flaws already. who came up with this??? what do they pay those CBN boys for?
Too freaking small..
Don't be stupid ... This is ridiculous ... Does it mean we have to use over a month to pay our fucking school fees.. I just hate Nigeria from the bottom of my heart .. Mshewww
Better ? For you?
Seriously, this policy doesn't work logically. Our system is predominantly a cash economy. Why limit me to 60k per day on ATM. Really you can't make live miserable for people because you're trying to sanitize the system. Soo if I'm on vacation with my family of 4. I can only spend 300USD per day. This is just rediculous.
You can still do PTA for them na... but I understand your standpoint, especially with the time factor involved
Lmao. I don't know y this comment seems so hilarious to me. Lol
Actually, I got some meaning from what that Anon 8:38 wrote. He or she wasn't clear by explaining everything word 4 word sof dull people like u (Anon 12:12) will understand, but smart people will get d point. CBN should focus on other means to culling this money laundering issue, other than reducing the International ATM withdrawal. They shud employ intelligence and hardwork in investigating
You will get PTA for your family before leaving
I actually laughed out loud to this
You don't burn down the whole house just to kill a rat. While other countries are advancing inelectronic transactions, we are becoming more archaic. CBN and the experts in economics should come up with a better option and stop frustrating innocent Nigerians.
This is nonsense abeg 60k is nothing. They should please leave it at 100k.
GT BANK OFFICIAL SPONSOR OF LINDA IKEJIS BLOG..U GUYS TAKE NOT...GT BANKS FOREIGN CURRENCY RATE IS THE HIGHEST IN NIGERIA
Without doubt, this newly introduced policy will negatively affect honest business men and women. In views of the policy I advice Nigerians to do the following;
1) Have a small safe at home where a specified sum of money can be kept.
2) Be self controlled, so that the money is used judiciously.
3) Ensure you have functional accounts in minimum of five- ten banks, also make sure you get the atm cards and make sure you have access to internet banking. By so doing, if you make a withdrawal of 60,000 using 5 different atm card from different banks, you will have 300,000 to sort some business needs. Obviously, it's not the best, but at least it will cushion the effect of the harsh policy.
Ode, can't you read? Every simple question you asked has been answered within the post
If this is the change we have been waiting for ,then am forced to say(Buhari give the change to those that bought something from you).Crazy policy
It's a welcome development, we will adjust with time
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