Nigeria’s forex scarcity worsened by the drop in foreign exchange inflow
Nigeria’s forex scarcity has forced some banks to further slash the spending limits on foreign currency accounts.
One of such banks is Fidelity Bank, which said it has reviewed its spending limits to $300 per month on debit card, while credit card remains at $1,000.
“In view of the ongoing foreign exchange scarcity, monthly international spend limit has been reviewed as follows: Debit card – $300; and credit card – $1,000.
“Following this, your card can be used for international transactions on ATM, PoS and Web cumulatively to this new monthly limit,” the bank said in an email to its customers over the weekend.
This is even as the Central Bank of Nigeria, CBN further adjusted the official exchange rate from N360 per $1 to N379 per $1.
This is line with the apex bank’s earlier promise to unify the exchange rate as the Nigeria’s forex scarcity persists.
This move may pacify some stakeholders who had been clamouring for the devaluation of the naira to meet market realities.
Although the CBN has not officially announced that the N379 per $1 will be the unified rate, it is a major move towards ending the era of multiple rates as the shortage bites harder in Africa’s largest economy.