Nightmare for Bitcoin Traders as Nigerian Bank Reduces Naira Debit Card Spending Limits to $20 Monthly
Debit card spending limits across Bitcoin Markets in Nigeria face a new dawn with the recent reduction in the amount of dollar spend on Naira debit cards for international payments.
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Bitcoin traders using Ecobank Naira MasterCard can now spend a maximum of only $20 on their Debit Cards in a month.
In a reply to a recent post on Twitter concerning the daily and monthly spending limit for Ecobank Naira MasterCard, Ecobank Nigeria clarified that it’s spending limit on Ecobank Naira MasterCard has been reduced downwards to $20.
Dear @olusegun_adegun! Kindly be informed that the monthly POS/Web transaction for Naira debit card usage abroad has been further review downward to $20 monthly. We sincerely regret all inconveniences this might have caused.
— Ecobank Nigeria (@ecobank_nigeria) August 31, 2020
This spending limit covers both daily and monthly dollar spend on both POS/WEB.
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One of the replies from Damilola Oyedele claims that Standard Chartered bank has a limit of $500 per month while another person claims that the spending limit was reduced to $100 monthly for GTBank.
“If you would like to withdraw cash from ATMs in foreign countries, you can use our foreign currency (USD, GBP and EUR) denominated Debit Cards to enjoy spending directly from your domiciliary account with $1,000 daily limit on the ATM and $2,000 on POS/Web. Thank you” Ecobank Nigeria.
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Replying to the comment, Dash Nigeria said:
“Nigerian banks limiting the monthly $ card spending to $20. That can barely pay for GSuite subscriptions. Little wonder Nigerians are flocking to crypto for payments and remittances already…”
We have recorded a steady increase in the number of persons using cryptocurrency across Nigeria. The rate has continued to increase and will keep increasing with the recent developments seen across Nigerian banks including stamp duty charges.