Many international buyers cant buy anything more than $100 in Nigeria due to the Central Bank of Nigeria CBN rule of the international spending limits on all banks Naira ATM. This has made some Small and Medium Enterprises to loose the competition in the market due to the limit on the spending on their ATM card, because they can not buy more than a hundred dollar which is about thirty thousand Nigerian Naira and this is way too small for a business of importation in Nigeria.
Early this week the Guarantee Trust Bank GTb sent a mail to their customers that the international spending limits had been lifted up to a thousand dollar $1000 and during the week some other banks like United Bank of Africa UBA, First City Monument Bank FCMB, Zenith bank, Wema bank, Union Bank, Access bank, Diamond bank, Skye bank and others also increase their international spending limits.
BELOW IS A MESSAGE SENT BY GTbank
Kindly note that International ATM cash withdrawal is still restricted.
In the message above from the bank we can see that they have increase the international spending limits on POS alone and not for cash withdrawer. This will help the Small and Medium Enterprises to improve in their market share as they can now buy more things in a month with a thousand dollar.
DO YOU SPEND MORE THAN A THOUSAND DOLLAR IN A MONTH?
Then the best solution for you is to open a domicilary account in your bank or request for a dollar ATM card in the your bank.
If you are using GTbank then you can easily request for a dollar card from your mobile banking app.
You can also register for a free payoneer dollar account here and get free $25 when you activate the account.