The Central Bank of Nigeria has come up with another measure in curbing the pressure on the Naira. This measure reduces the limits on ATM withdrawals
Banks across Nigeria have reduced limits on Automatic Teller Machines ATM withdrawals.
This measure is aimed at defending the Naira against other international currencies, especially the dollar.
According to this measure, bank customers are not allowed to withdraw more than N60,000 from their ATM per day. As for foreign transaction, customers are allowed the limit of $300 per day. Before this measure, the domestic withdrawal limit was N150,000.
Banks have also made a demarcation between traditional ATM card and MasterCard credit card. The former can no longer be used for foreign transactions.
Customers that engaged in foreign transactions have been advised to go to their banks and ask for proper clarification and assistance.
The Central Bank Of Nigeria CBN believes this measure will help to lessen the pressure on the Naira. This will consequently lead to the appreciation of the value of the Naira in the international market.
Nigerians have received this new measure with mixed reactions. Many people claimed that the public was not sufficient notified before the measure was taken. They have called on the Central Bank Nigeria CBN to carry them along while making monetary policies.