NAIRA DEBIT CARD HOLDERS SPENDING OVERSEAS NOW PEGGED TO $50,000 PER PERSON PER ANNUM-CBN

The Central Bank of Nigeria (CBN) in a circular dated April 13th 2015, signed by the Director of Trade and Exchange, Mr Olakanmi Gbadamosi has reduced the existing limit on the usage of naira denominated cards for transactions overseas from $150,000 to $50,000 per person per annum effective April 13th.
All authorised dealers are to also ensure that the daily cash withdrawal limit embedded in the cards per person per day is pegged at $300.
All authorised dealers are to ensure strict compliance with the new limit and render monthly returns on any transactions to the Trade and Exchange Department of CBN not later than the 5th day of the following month.