Nigerians have continued to lament the spending limits on naira-denominated cards, saying it’s since been causing disruption to their needs and lives in general.
BizWatch Nigeria understands that in March 2022, more banks in the country reduced their monthly international spending limits on naira-denominated cards.
The United Bank of Africa (UBA) was first to take the decision on Thursday, February 24, when it announced $20 as its new limit.
“In line with our promise to keep you updated on services, we have reviewed Naira Card limits for international transactions, and this will take effect on 1st of March, 2022,” the bank said. “Remember you can use your UBA Dollar, Pounds or Euro Card for international POS, ATM, and web transactions. If you do not have one and would like to subscribe, please visit a branch close to you.”
Like UBA, Zenith Bank also informed its customers that it was reducing its international spending limit on its naira cards to $20 and it was suspending international ATMs and point of sales (POS) transactions.
In a similar development, First Bank announced that due to “current market realities on foreign exchange,” it had reduced its spending limit to $50.
What this means
With banks pegging their international spending limits at between $20 and $50 per month, Nigerians have not been able to make payments for products and services that exceed these amounts.
For instance, an e-commerce merchant who doesn’t want to be mentioned in this report, lamented that her business has been stopped as a result of this development.
“I import my goods from China using my naira card, but unfortunately, considering the spending limit, I have not been able to make purchases for goods I sell. It has really been tough for my family,” she told our correspondent.
A Netflix user who identified himself as Chidinma Emenike, stated that she has been unable to continue her subscription for the streaming platform, citing the spending limit on her naira card.
“There are quite a lot of things at the international level we pay for that only our naira cards enable us to do, but not anymore with the limit. I’ve not been using Netflix for a while now due to the limit and it’s very depressing when you live a boring life,” she added.