The battle for defence of the Naira value has widened, affecting existing monthly international spend limits on all existing Naira debit cards (ATM cards). While some banks have suspended the use of their cards for online foreign transactions, Access Bank has instead, reduced the monthly international spend limit to $200.
The update was sent to my email and users have been encouraged to apply for any of the dollar denominated debit, prepaid or credit cards to facilitate international transaction needs.
Instead of setting international withdrawal limit for Access Bank Naira debit cards, the bank no longer allows the use of the card for withdrawal outside Nigeria.
Below is the summary of the new spend limits on Access bank Naira debit cards:
International POS Transaction - $200 per month
International Online Transaction - $200 per month
International ATM Withdrawal - Not Allowed
This is still better that the GTBank Naira Mastercard International spend limit which is currently pegged at $100 per month.
What's your take on this?