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Nigerian banks limit debit card withdrawals abroad

Published 01/04/2020, 13:14
Updated 01/04/2020, 13:18

By Chijioke Ohuocha
ABUJA, April 1 (Reuters) - Nigerian banks are limiting the
amount individuals can withdraw with their debit cards while
abroad, bankers said on Wednesday, in an effort to ease foreign
currency settlement risk.
The central bank is battling to conserve dollar reserves
that are down 16% from a year ago after the coronavirus outbreak
triggered a sharp fall in the price of oil, Nigeria's main
export. The oil price plunge has also prompted foreign investors
to shed Nigerian assets.
Fidelity Bank said it would impose a new limit of $1,000
from April 1, down from $3,000 previously, a senior executive
told Reuters.
Other lenders -- Zenith Bank ZENITHB.LG and GT Bank
GUARANT.LG -- have lowered withdrawal limits for individuals
while abroad.
Stanbic IBTC Bank IBTC.LG said it has pegged its daily
limit at $300.
Such moves have previously been at the behest of the central
bank, but it was not clear if the regulator was behind the
latest action.
The naira has hit fresh lows on both the official and
over-the-counter spot markets after the central bank devalued
the currency last month and suspended forex sales to retail
currency traders.

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