The latest Zenith Bank international spending limit has affected many businesses in Nigeria. This is following the persistent forex scarcity that is really negatively impacting the nation. Right now, Zenith Bank has joined other deposit money banks that are capping their international spending limits to ease the pressure on the availability of dollars.
One of the e-mails I received from them states that they are informing me that the monthly international spend limit for my Zenith Bank Naira Debit Card has been reviewed to US$100 and the use of Naira cards for international ATM cash withdrawals has been temporarily suspended.
According to them, they said this review is in response to change in Nigeria’s macroeconomic factors.
Though Zenith bank has advised people with higher international spending requirements that are over US$100 stipulated above should visit any Zenith branch and then request a foreign currency debit or prepaid card. This means that when you request it, you will getting a US Dollar, Pounds and Euro variants of the card.
Zenith bank joined this trend after GTBank, First Bank and others also capped their international spending limits to $100 for the same reasons. But Zenith bank’s decision came after CBN commenced forex sale to the Bureau De Change nationwide operators.
Things you should know about the Zenith Bank Virtual Cards
Their Virtual Card is particularly made for internet transactions which customers can use to shop on the web, which can be used to pay bills and subscriptions and are accepted both locally and internationally.
For you to get your cards, there is no need to visit any of their branches. You can get yours by using the Zenith Internet Banking platform just dial *966*2273# and following the prompts.
Their MasterCard gives you 24/7 access to both your current and savings accounts. This is not just an ATM Card, it is a card that allows you to make cashless purchases via WEB, POS, and ATM worldwide. The zenith bank offers a range of both Classic, Gold and Platinum cards meant to suit your desire.
Zenith Bank has stated some time ago that they will put a limit to their customer’s expenditure and withdrawals on their debit card that will be used abroad. However, this limit began on July 20, 2020. This simply means that customers that have debit cards would only be able to spend $500 in a month on transactions, while $100 a monthly withdrawal limit.
The Zenith Bank International Spending Limits
The Zenith Bank customers will now get a limit on the debit cards used for expenditures abroad. Customers will no longer be able to do withdrawals with a debit card whenever they are abroad. They will only be able to spend $100 on transactions monthly.
So for those wondering, the Zenith Bank Caps International Spending Limit at $100 Per Month.
Is The Recent Devaluation Of Naira By The CBN Chaotic Or The Best Move?
This new spending limit policy is not a new policy for debit card users in Nigeria. Just like Reuters said, there is yet no confirmation saying that the CBN was behind this policy. However, it will not be a new move if the central bank had authorized this international spending limit on debit card transactions. This is because limiting debit card transactions is sometimes backed by a common financial notion which is mostly due to the requirement to limit foreign currency settlement. But this will also help the bank preserve their dollars since they have faced lots of shortages lately.
This simply means that the CBN has taken more steps to conserve their dollar reserves which include depreciating the naira again. This move has caused foreign exchange tension and put traders in total confusion.