Nigerian banks have restricted cash withdrawals from overseas Automated Teller Machines (ATM) only to those whose cards are linked to their domiciliary accounts funded locally.
The banks have therefore suspended such withdrawals and encouraging travellers to open and fund dollar accounts.
According to the , lenders are also raising their card spending limits on Point of Sale (PoS) and online card transactions abroad, an indication of increased dollar liquidity and rising exchange rate stability.
Guaranty Trust Bank (GTBank) and First City Monument Bank (FCMB), it said, at the weekend raised their monthly card spending limit on overseas PoS and online transactions from $1,000 to $3,000 and around $2,000 to $5,000.
We would like to inform you that our monthly spending limit on your GTBank Naira MasterCard has been reviewed to $3,000 from $1,000 for your international online and PoS transactions. Kindly note that international ATM cash withdrawal is still restricted, GTBank said.
Clothing, shoes, electronics, bookswhatever your needs are FCMB Naira Debit Card gives you instant full access to $5,000 monthly to shop online, FCMB said in an email sent to its customers at the weekend.
GT Bank had nearly two years ago during the height of the dollar scarcity limited monthly transactions on PoS and online transactions using cards to $100, British Pounds Sterling 90, Euro 130 and Canadian Dollar 360. The prevailing dollar scarcity at that time made it difficult for travellers to pay their hotel bills and make reservations and other transactions using their debit cards.
Many banks which announced the suspension of their overseas ATM card services in October 2016 have all lifted the suspension and raised monthly transaction volumes for customers on foreign currency-denominated deals, including those conducted on PoS machines and online.
The dynamics changed in April last year when the Central Bank of Nigeria (CBN) introduced the Investors