One of Nigeria’s leading banks, Guaranty Trust Bank Plc (GTBank) has slashed international spending limit on Naira -denominated cards issued to its customers.
In an email to customers on Tuesday, GTBank said International cash withdrawals via ATMs and International payments via POS and online have been slashed from $500 to $250 monthly. A daily maximum limit of $100 was also imposed.
This move is seen by analysts as a step to help stem the continuing depreciation of the Naira against the Dollar and other international currencies, and may be adopted by other banks.
Below is the full text of the email to its customers.
Dear Customer,
Review of The International Spending Limit on Your Naira MasterCard
We write to inform you of the monthly spending limits currently applicable when using your GTBank Naira MasterCard for International cash withdrawals via ATMs and International payments via POS and online.
Please see details below:
| Channels |
Previous Monthly Limit |
New Monthly Limit |
| POS, Online and ATM Cash Withdrawal | $500 | $250 |
Kindly note that the ATM cash withdrawal limit applicable on your Naira MasterCard is $100 daily (subject to a maximum monthly limit of $250).
