Recently I reported that zenith bank and other banks are reducing international spending limit on Naira master card, as it is now, your naira master card is now useless internationally because you can barely use it to purchase anything online except you opt-in for a prepaid card or a virtual card.
All Naira MasterCard has now been limited to $20 except First bank which is pegged at $50. Tell me, what exactly do you want to buy with that amount. What this means is that Shopping online from site like AliExpress, renewing domains from sites like Namecheap, etc will now be limited using your naira master card.
Over the weekend, First Bank, Zenith Bank, Sterling Bank, Guaranty Trust Bank, Union Bank, and other banks sent notices to their customers on the restrictions. But only First Bank limit was $50 compared to all other banks, which is restricted to $20.
This move has however suggested customers open dollar accounts to obtain cards to fund their obligations, which is expected to be sourced from the parallel market.
First Bank in a statement to customers stated: “Due to current market realities on foreign exchange, we’ve reviewed cross border transaction limits for the Naira Mastercard and the Naira Credit Card to $50 monthly.
“For increased transaction limits, please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card, and Visa Gold Credit Card to enjoy transaction limits up to $10,000 and other exciting benefits.”
In a statement to its customers, Union bank stated: “Please be informed that the daily/monthly spend limit on your Naira MasterCard is now $20.
“If you require a higher international spend limit, open a UnionAce account. UnionAce offers you up to 4 percent per annum on your dollar deposits. You also get a card that allows you to shop globally with a daily limit of $7,500 on POS and $4,000 online.”
Zenith Bank in an email titled: “Temporary Suspension of International ATM Withdrawals/POS Payments and Review of Web Transactions Limit Using Zenith Bank Cards,” to its customers, said, it is reviewing naira card spending on web transactions from $100 to $20.
The same thing goes to GTbank and other banks. But I’m going to put a post together on how you can still buy online using a virtual dollar card.