- Zenith Bank Caps Intl Withdrawal Limit on Card
Zenith Bank Plc, Nigeria’s most profitable bank, has capped the international withdrawal limit on the Naira card.
The bank sets its monthly international withdrawal limit on the Naira card at $1,000.
In an email written to customers, the lender said the daily limit for withdrawals outside Nigeria has been capped at $300.
The mail read, “Please be informed that the monthly international spend limit for your Zenith Bank Naira card has been reviewed to $1,000.
“Your card can be used for ATM withdrawals outside Nigeria ($300 daily limit), web and point of sale payment.”
This may not be unconnected to the surged in demand for the US dollar due to the projected increase in the foreign exchange rate of the Naira to the greenback. Experts had predicted that the Naira foreign exchange rate to a US dollar would increase from N366.5 per dollar to N400 by the second quarter of the year.
While the central bank had said there was no devaluation in its plan, speculators continue to hoard the US dollar as most experts believe low oil prices amid weak foreign reserves would hurt the apex bank’s ability to support the Naira at the current exchange rate.
The increase in dollar demand by importers might have forced Zenith Bank to cap withdrawal, given its favourable exchange rate compared to the black market of N410.