No more $100! You can now spend $1,000 on GTB naira cards
Guarranty Trust Bank (GTB) says its customers can now spend as much as $1,000 for international transactions on naira cards.
Prior to the upward review, Nigerians could only spend a maximum of $100 per month on naira cards, which many considered too small for basic transactions like software purchase, international exam payments among others.
In a statement to customers on Tuesday, GTB said the limit has been raised to $1,000 but for only electronic transactions online and via POS. Restrictions still remains on cash withdrawal.
“We write to inform you of the monthly spending limits currently applicable when using your GTBank Naira MasterCard for International payments,” the bank wrote in a mailed statement.
“Kindly note that International cash withdrawal is still restricted.”
Other banks across the country also maintain a $100 limit on international spendings on naira cards. It is unclear at if other banks in the country will review their international spending limits on naira cards.
Many users of Nigerian banks had complained that they could not pay for American and UK visas via their naira cards due to the monthly limit of $100.
Since oil prices crashed in 2014, and Nigeria saw a subsequent decline in foreign exchange earnings, the country’s monetary authority has been placing restrictions on many international spendings, to conserve scarce foreign exchange.
As oil prices recovered in December 2016, the Central Bank of Nigeria (CBN) has been taking complimentary policy actions to ensure easy access to forex for Nigerians.
On Monday, the bank pumped $142.5 million into the forex market to keep the market stable.
That’s great. Hope thier rate can be reduced from the black market rate they are selling thier dollar. Because it’s still doesn’t make sense if the rate is as high as 370 while official rate is Bellow 310. 50naira margin is too high for them.