Zenith Bank Plc says it has reduced the international spending limit on its naira cards to $20.
Last month, the United Bank of Africa (UBA) had taken a similar move, lowering the international spending limit on its naira card from $100 to $20 a month.
In a note sent to its customers on Wednesday, the financial institution said it would temporarily suspend international ATMs and point of sales (POS) transactions.
“Please be informed that we have temporarily suspended the use of Zenith Bank Naira cards for International Automated Teller Machine (ATM) cash withdrawals and POS transactions,” the notice reads.
“Additionally, the monthly card International spend limit for web transactions has been reviewed from US$100 to US$20.
“This review is in response to today’s economic realities.
“If you have higher International spend requirements, visit any of our branches and request for a foreign currency debit or prepaid card, which are available in US Dollar, Pounds and Euro variants.
“Thank you for banking with us, and kindly direct all enquiries to Zenith Direct using any of the numbers below.”