The Central Bank of Nigeria apparently in a bid to curtail capital flight and encourage more home based spending has released directive dropping the maximum spending limit on Naira MasterCard. This was contained in a policy directive sent out to financial institutions recently.
According th the directive,the spending limit on the Foreign Exchange spending limit on Naira MasterCard is now put at $50,000 per annum from the previous limit of $150,000 per annum. This essentially means that individuals can spend a maximum of $50,000 on the Naira MasterCard outside the country and this will include transactions on foreign stores, ATMs and POS.
Also the daily cash withdrawal limit for the Naira MasterCard has also been reduced to $300 per day as against previous limit of $2,500.
These policy changes come just less than 90 days before the nation’s new administration is to be sworn in. The President elect Gen. Muhammadu Buhari rtd has since urged all that it isn’t going to be business as usual any more.