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ABUJA (Reuters) – Nigerian banks plan to decrease the amount customers can invest abroad using debit cards on Monday, 2 lending institutions said, as banks attempt to limit foreign currency settlement risk.
The country is dealing with dollar scarcities since of the sharp fall in the price of oil, Nigeria’s main export, and domestic banks are trying to avoid deals with hard cash.
Stanbic IBTC Bank ( IBTC.LG), the regional system of South Africa’s Requirement Bank ( SBKJ.J), said it will cut in half the spending limitation for overseas card deals to $500 each month from Monday and will limit money withdrawals to $100
Another leading tier lender Zenith Bank ( ZENITHB.LG) said it will momentarily suspend the use of debit cards abroad for cash withdrawals and cut the month-to-month costs limitation abroad by majority to $200
” This review is in action to today’s economic realities,” Zenith stated in a notification, advising customers to demand pre-paid dollar cards.
Such relocations have actually previously been at the wish of the central bank, but it was unclear if the regulator was behind the current action. The reserve bank did not react to an ask for remark.
The bank is fighting to conserve dollar reserves that are down 19%from a year earlier. Last week it depreciated the currency on the main market NGN =-LRB- ******) triggering the naira to deteriorate on the black and non-prescription area markets.
Bankers informed Reuters that it now takes more than six months to settle foreign credit lines.
Nigeria is yet to resume Forex (Click Here For Best Forex Techniques) sales to retail currency traders after it banned international travel as part of a lockdown procedure to slow the spread of the coronavirus that has killed 778 people and contaminated more than 36,000
Reporting by Chijioke Ohuocha; Modifying by Elaine Hardcastle