Nigeria to limit amount individuals can spend abroad on debit cards

LAGOS (Reuters) – Nigeria’s central bank plans to limit the amount commercial bank customers can spend using their debits cards while abroad, an industry group said on Friday, in the latest crackdown on dollar demand to save its dwindling foreign reserves.

The bank has been battling to prop up the naira after a sharp fall in the price of oil, Nigeria’s main export, which triggered a sell-off in assets by foreign investors.

The Chief Executive of Union Bank, Emeka Emuwa, told reporters after a meeting between the central bank and commercial bank’s representatives that “the limits would be reduced to more judicious levels.

“Currently, customers have an annual limit of $150,000, the regulator said after the meetings with the committee of lenders late on Thursday but did not disclose the new caps.