…As Forex scarcity hits harder
Fidelity Bank Plc has notified its customers of the decision to review its card spending limit downward in response to the scarcity of foreign exchange across various segments of its currency market.
Following the decision, the bank, it was learned, sent emails to its customers notifying them that the spending limit for debit card would now be $300 monthly while that of credit card remains $1,000.
Banks in Nigeria, including Fidelity, had in July resolved to cap overseas debit card spending in an effort to avert foreign currency settlement trouble as the COVID-19 and the recent oil crash disrupted dollar flow into the Nigerian economy.
“In view of the ongoing foreign exchange scarcity, monthly international spend limit has been reviewed as follows: Debit card – $300; and credit card – $1,000.
“Following this, your card can be used for international transactions on ATM, PoS and Web cumulatively to this new monthly limit,” the email said.
Fidelity Bank had said in an earlier email to customers in April that the spending limit on Fidelity Naira Visa and MasterCard had been modified to $1,000 monthly for international transactions.
“This means your card can be used on PoS, Web and ATM for a cumulative transaction value of up to $1,000 monthly. However, your daily ATM withdrawal limit is pegged at $300,” the bank had said.
Zenith Bank had earlier reduced its monthly limits to $200 while Guaranty Trust Bank lowered its to $500.
Stanbic IBTC also announced last month that it would scale down monthly card transaction threshold to $500 and place a ceiling of $100 on withdrawals.