Three Nigerian Banks has reduced the monthly Dollar spending limit on debit cards due to the falling of cruide oil price and the suffering of Naira against Dollar.
In response to the decline in dollar supply as well as rising demand, some banks, namely GTBank, Zenith, Fidelity reduced the monthly dollar spending limit on debit their cards.
However, Zenith Bank reduced monthly limits to $1,000 and Guaranty Trust Bank reduced monthly limits to $500. Fidelity Bank on its part reduced monthly limits to $1,000 from $3,000.
Other banks may follow their steps very soon.
In addition to Covid-19 Pandemic rattling effect on the foreign exchange and fixed income markets, this pandemic has also caused massive disruption in banking services, as banks implement social distancing rules, in a bid to battle the spread of deadly Coronavirus.
The banking service was also reduced to skeletal operations in across the country, with transactions restricted to electronic payment channels and ATMs for cash withdrawals.
For example, from the third week in March and prior to the lockdown of Lagos, Ogun States and Abuja, most banks directed non essential staff to work home.
Meanwhile, Banks also restricted the number of customers allowed inside the banking halls per time to 25 people, leading to massive crowds outside banking halls with customers spending more time to gain entry into the banking hall.
The lockdown in Lagos, Ogun and Abuja has led the CBN to suspend cheque clearing activities till further notice.
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