This is the official CBN circular reducing dollar usage from naira debit cards to $50,000

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It is official, the Central Bank of Nigeria has now reduced the limit a person can spend from their naira debit cards abroad from $150,000 to $50,000 per person per annum. In addition, authorised dealers are also to ensure that the daily cash withdrawal limit embedded in the cards per person, per day is pegged at $300.

This is the new CBN circular titled USAGE OF NAIRA DENOMINATED CARDS OVERSEAS

This circular follows a ‘warning’ letter issued by the CBN last year chiding those who use their debit cards abroad as a form of arbitrage.