The Central Bank of Nigeria (CBN) has slashed per year dollar limit on naira debit cards used abroad from Monday, April 13.
“The limit has been reduced from $150,000 to $50,000 per person per annum. In addition, authorised dealers are to ensure that the daily cash withdrawal limit embedded in the cards per person, per day, is pegged at $300,” the CBN said in a circular.
The circular, signed by CBN Director of Trade and Exchange Department, Olakanmi Gbadamosi, urged authorised dealers to ensure compliance with the new limit and render monthly returns of transactions to CBN not later than the fifth day of the following month.
This circular followed a ‘warning’ letter issued by the CBN last year chiding those who use their debit cards abroad as a form of arbitrage.
The CBN has also solicited the support of banks and discount houses to stamp out unethical practices of dishonesty, lack of integrity, et cetera, in the action or behaviour of CBN staff who visit financial institutions in the course of official duties.
A circular signed by CBN Director of Banking Supervision, Tokunbo Martins, reiterated zero tolerance of dishonesty.
“To uphold the standard, a monitoring procedure to ensure business ethics and professionalism has been established. Your full cooperation is hereby solicited, by reporting any unethical practice(s) that border on dishonesty and a lack of integrity among others,” the circular stated.
Such reports are to be filed to the head of ethics and anti-corruption office in the CBN governor’s department.