The pan African bank, United Bank for Africa has lifted the restrictions on cash withdrawals abroad, giving customers the privilege to withdraw as much as $100 per day and availing its customers to spend up to $15,000 monthly on their naira debit and prepaid naira cards.
It would be recalled that before now, banks in the country, including UBA had set a monthly limit of $1000 on naira cards, which was considered insufficient for businesses who purchased goods abroad.
The bank stated in a mail sent to its customers… “Spend up to $15,000 monthly with your naira debit and prepaid naira card. Spend more internationally on your UBA card. Eligible for online transactions and point of sale terminals. $100 available daily on ATM withdrawals.”
Meanwhile, some banks still maintain a $1,000 monthly spending limit on naira cards and it is not clear whether the other banks will raise their spending limit.
Also, recall that since 2014 when oil prices crashed and the Nigerian economy eventually slipped into a recession in 2016, the Central Bank of Nigeria placed a ban on some foreign spendings to conserve scarce foreign exchange.
However, with the output agreement reached by members and non-members of the Organisation of Petroleum Exporting Countries (OPEC) which forced up oil prices, the nation’s reserves have received a boost.
The CBN has also been making moves to ensure easy access to forex for Nigerians through interventions in the market.