The United Bank for Africa Plc has announced an immediate upward review of the monthly international spend limit on its debit and prepaid naira cards from $100 to $2,000.
The upward review, which represents a marked increase by 1,900 per cent, allows customers to withdraw up to $2,000 per month as against $100 which was obtainable previously.
Similarly, First Bank of Nigeria Limited has raised the limits on international transactions on naira payment cards to $1,100 monthly across its platforms.
The bank said customers could now enjoy increased access to funds using the FirstBank Naira Master Card, naira prepaid and naira credit cards for international payments.
First Bank, however, said customers in the United Arab Emirates and China had a monthly limit of $250 for the Point of Sale and online transactions.
A statement by First Bank read in part, “The new international spend limits is coming on the heels of increased availability of foreign exchange in the economy. First Bank remains committed to meeting the banking and financing needs of its customers, providing world class services and expertise while ensuring the security of customer funds.”
Meanwhile, UBA said the increase had been done in response to the growing demand for higher limits by customers making international transactions.
UBA said it was also an indication of the improved confidence in the Nigerian economy as shown by increased foreign exchange in the financial system.
The Executive Director, Operations and Technology, UBA, Mr. Chukwuma Nweke, who announced the review, explained that the move was intended to enable more convenient and seamless transactions when making purchases outside the country.
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