Stanbic IBTC Bank a Tier-2 lender has revised downwards how much its customers can spend on its International Naira Mastercard by 50% to $500.
In a mail to customers seen by MoneyCentral, Stanbic said :
“This is to inform you that the monthly spend limit for International transactions on your Stanbic IBTC Naira MasterCard, will be revised from $1,000 monthly to $500 monthly with effect from 20th July, 2020,. Daily cash withdrawal limit of $100 remains. Should you have any enquiries on this, please contact your relationship manager, or send an email to our Customer Contact Center through customercarenigeria@stanbicibtc.com.”
Nigerian Banks have been struggling to meet dollar demand from customers amid a slide in crude oil prices and demand management of dollars by the Central Bank of Nigeria (CBN).