[BOOM] Banks Rejects Payments for Online Transactions Exceeding $300 per day

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Nigerian Banks are now rejecting dollar transfers from Naira ATM cards of more than $300 per day Prior to today, the CBN only placed restrictions only on dollar withdrawals from debit cards to just $300 daily However, online transactions such as buying things online or paying for services online had a dollar (or any foreign […]

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Nigerian Banks are now rejecting dollar transfers from Naira ATM cards of more than $300 per day
Prior to today, the CBN only placed restrictions only on dollar withdrawals from debit cards to just $300 daily
However, online transactions such as buying things online or paying for services online had a dollar (or any foreign currency transaction) limit that translates to not more than N3million daily.
Banks have now jettisoned this policy and will no longer effect online payments that exceed $300 daily
Therefore. POS/ecommerce transactions now have a spending limit of on your naira debit card of $300 per day (and no longer equivalent of N3million).
In addition to this, if you use that same debit card for foreign transactions it limits your daily naira withdrawal to N60,000 per day.
To however still be able to withdraw as much as N150,000 per day, you will have to own a separate Naira Debit Card
Reports reaching Nairametrics suggest most banks have started implementing this policy frustrating transactions.
For example, people who need to pay for renewals or new services now have a limit placed on how much they can pay per day.
The CB is yet to issue an official directive as regards this new moves.
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