FOREX SPENDING LIMIT ON NAIRA CARDS INCREASED

Credit cards, debit cards or Naira cards as it is fondly called in Nigeria has come to stay as a means of offering payments for transactions. Growth in the use of this method of payment has increased tremendously because of its safety and convenience of use. 

Besides, the Central Bank continually change policies on this regard in order to encourage usage and to satisfy varying categories of users in the society. 

With this in mind, the central bank of Nigeria recently increased the annual forex spending limit on Naira cards (Mastercard, Visa Card, Verve Card etc.) from $40,000 to $150,000 (₦6,400,000 to ₦24,000,000) as at the time of this write-up.

This will afford Naira card users more flexibility and increased purchasing power. 

Remember that with your Naira card, you can do the following:

1. Make payments and purchase on online stores, marketplaces and other internet transactions.
2. Make payments on Point of Sale (POS) terminals wherever your card is accepted. This includes hotels, restaurants, shopping malls, Supermarkets etc.
3. Withdraw cash via ATMs from several locations and countries of the world depending on the type of card you use.

This developmental change is at the right direction. The high National and International spenders will leverage from this as there is no need carrying money anymore and you can make payments to anywhere from the corner of your bedroom.

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