Zenith Bank cuts spending limit for international web transaction by 80%

Zenith Bank has announced that they have temporarily suspended the usage of its naira card for international transactions and has also cut spending limits for web transactions.

“Please be informed that we have temporarily suspended the use of Zenith Bank Naira cards for International Automated Teller Machine (ATM) cash withdrawals and POS transactions,” the bank said in a statement.

Also, due to the scarcity of foreign exchange, the tier-one lender also made a decision to reduce the monthly spend limit for international web transactions by 80 percent to $20 from $100.

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“The monthly card International spend limit for web transactions has been reviewed from US$100 to US$20. This review is in response to today’s economic realities.” the statement reads.

Nigeria’s external reserves fell further by $175 million in February to $39.9 billion, despite the upturn in the price of crude oil, the country’s main source of foreign exchange.

The bank also directed account holders who need a higher international spend limit to approach its branch, and request for a foreign currency debit or prepaid card, which are available in US Dollar, Pounds and Euro variants.