Tier 2 lender, Stanbic IBTC Bank has reviewed the international spending limits on its naira MasterCard’s lower as dollar scarcity bites harder in Africa’s largest economy.
Stanbic IBTC in a message to customers this week announcing the review that said:
“This is to inform you that the monthly spend limit on your Stanbic IBTC Naira MasterCard has been reviewed from $3,000 monthly ($300 daily) to $1000 monthly ($100 daily) for international transactions. Should you have any enquiries on this, please contact your relationship manager, or send an email to our Customer Contact Center.”
Nigeria and other oil producers are facing pressure on their currencies as a result of the steep decline in oil prices since the beginning of 2020.
Africa’s largest economy gets some 95 percent of its dollar earnings from the proceeds of oil sales.