Covid19: CBN introduces new international spending limit as virus drains Nigeria

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Covid19: CBN introduces new international spending limit as virus drains Nigeria

Godwin_Emefiele_CBN_Governor

The Central Bank of Nigeria has introduced a new international spending limit on Nigeria’s naira dominated cards abroad and online OYOGist.com has learned.

This measure is coming after the country has gone on lockdown amid the Coronavirus pandemic that has threatened and decimated the global economy.

Prior to the outbreak of the virus, the international spending limit for Nigerians was $3,000 US Dollars. As of 24th of March, 2020, banks have been issue notice to their customers that the new international spending limit is now half of that at $1,500.

One of such notices that OYOGist.com was able to obtain from Guaranty Trust Bank, one of the country’s leading financial services providers can be glimpsed below.

Covid19: CBN introduces new international spending limit as virus drains Nigeria
International Spending limit on Naira cards

This means Nigerians should brace for even harsher economic realities ahead as much of the Nation remains on lockdown.

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