Forex Scarcity: Bank Slashes Card Spending Limit

Amid the lingering foreign exchange scarcity in the country, Fidelity Bank says it has reviewed its card spending limit.

In an email to its customers, the bank said the spending limit for debit card was pegged to $300 monthly, while credit card remained unchanged at $1,000.

The email read, “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.”

In an email sent out in April to its customers, Fidelity Bank had said, “Please be informed that the spending limit on your Fidelity naira Visa and Mastercard is now $1,000 monthly for international transactions.

“This means your card can be used on PoS, Web and ATM for a cumulative transaction value of up to $1,000 monthly. However, your daily ATM withdrawal limit is pegged at $300.”