GTB is responding to Nigeria’s dollar shortages
One of Nigeria’s top lenders, Guaranty Trust Bank, GTB has slashed international transactions spending limit on its Naira Mastercard to $100 per month, following in the footsteps of other lenders such as Fidelity Bank which announced cuts on spending limit to $300 per months last week.
“Dear Customer, the monthly spending limit on your GTBank Naira Mastercard is now $100 for international transactions. Thank you for banking with us,” the lender said in a text message to its customers on Wednesday.
This move comes as financial institutions in Nigeria contend with the worsening scarcity of foreign exchange in the country, a situation which has also forced Nigeria’s central bank to devalue the local currency, the naira by adjusting the official exchange rate to N379/$1 from N361/$1.
Many have seen the apex bank’s move as part of efforts to unify the exchange rate and llthough the CBN has not officially announced that the N379 per $1 will be the unified rate, it is seen in many quarters as a major move towards ending the era of multiple rates as the shortage bites harder in Africa’s largest economy