CBN cuts annual overseas spending from $150,000 to $50,000

The Central Bank of Nigeria (CBN) has slashed annual overseas spending by Nigerians using any Nigerian banks debit card from $150,000 to $50,000.

It has also brought down the daily usage card limit to $300. According to the CBN, the move is being taken to reduce the pressure on the Naira.

In a circular signed by the director, Trade and Exchange Department, Olakanmi Gbadamosi, the CBN said the new limit takes effect from Monday, April 13, 2015.

The circular however did not state if there would be restrictions for individuals with multiple naira denominated cards from different banks.