Nigeria to limit amount individuals can spend abroad on debit cards

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LAGOS – Nigeria’s central bank plans to limit the amount commercial bank customers can spend using their debits cards while abroad, an industry group said , in the latest crackdown on dollar demand to save its dwindling foreign reserves.

The bank has been battling to prop up the naira after a sharp fall in the price of oil, Nigeria’s main export, which triggered a sell-off in assets by foreign investors.
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The Chief Executive of Union Bank, Emeka Emuwa, told reporters after a meeting between the central bank and commercial bank’s representatives that “the limits would be reduced to more judicious levels.”

Currently, customers have an annual limit of $150,000, the regulator said after the meetings with the of lenders late on Thursday but did not disclose the new caps. (Reporting by Oludare Mayowa; Writing by Chijioke Ohuocha; Editing by James Macharia) (Reuters)