In an effort to restore confidence in Nigerian  Naira, the Central Bank of Nigeria (CBN) has issued a new directive to banks. The order will affect withdrawal limits on Automatic Teller Machines (ATMs) and foreign transactions on all existing Naira debit cards (ATM cards).

Henceforth, ATMs that were hitherto enabled for domestic and foreign transactions will not release more than sixty thousand naira per day; while foreign currency withdrawals have been limited to three hundred dollars per day.

The domestic withdrawal limit was one hundred and fifty thousand dollars per day. The new arrangement has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad. However, banks are putting in place alternatives in these adjustments to address the concern of customers.