The United Bank for Africa (UBA) is sending notices to customers about a reduction in the spending limits for their naira denominated debit cards used for paying for transactions abroad. In one of that emails shared by a Twitter user, Igbo Clifford, the bank revealed that the new limit will take effect on the 1st of March, 2022.
The email read; ‘In line with our promise to keep you updated on services, we have reviewed Naira Card limits for international transactions and this will take effect 1st of March, 2022.
Remember you can use your UBA Dollar, Pounds or Euro Card for international POS, ATM and web transactions. If you do not have one and would like to subscribe, please visit a branch close to you.‘
Nigerians rely on their debit cards to pay for online transactions that are billed in US dollars. The banks debit their naira account with the prevailing exchange rate.
Nigeria is experiencing currency shortages as official forex sales to the BDC segment remain suspended.
