CBN has directed holders of naira-denominated debit and credit cards to continue to use of their cards at ATMs in any part of the world, subject to the annual limit of $50,000 ATM withdrawals.
However, it shall continue to be a maximum of $300 per day.
It also directed all authorized dealers in foreign exchange in Nigeria to treat as top priority all legitimate demands for foreign exchange for eligible transactions.
To this effect, the bank advised individuals wishing to source foreign currency for such eligible transactions to approach their banks with their legitimate demand, saying that CBN has made adequate provisions of foreign currency for all such legitimate and eligible purposes.
However, it noted that all legitimate requests for foreign currency for eligible transactions, normally referred to as “invisibles”, such as remittances for school fees, student maintenance allowances, BTA, PTA, medical and other eligible transactions, shall be fully met at the official/interbank exchange rate.
“Already, all the legitimate demand for such transactions through recognized channels have so far been fully met by CBN”, a statement from the apex bank said.
The general public, the statement, noted, is hereby advised to channel any complaints arising from any authorized dealer’s refusal to process such legitimate demand to the Director, Consumer Protection Department, Central Bank of Nigeria, for necessary action.
