- A Market Awakens: Kenya’s Capital Markets Regain Momentum into 2026
- Global: Few economic impacts from Iran conflict outside the GCC
- Kenya: Capital markets licensing regime overhauled – What market participants need to know?
- DEPARTMENT OF ELECTRICITY AND ENERGY PARTICIPATES AT THE 2026 AFRICA ENERGY INDABA AS THE OFFICAL GOVERNMENT HOST
- The BRVM Investment Days 2026
Nigeria to limit amount individuals can spend abroad on debit cards
LAGOS (Reuters) – Nigeria’s central bank plans to limit the amount commercial bank customers can spend using their debits cards while abroad, an industry group said on Friday, in the latest crackdown on dollar demand to save its dwindling foreign reserves.
The bank has been battling to prop up the naira after a sharp fall in the price of oil, Nigeria’s main export, which triggered a sell-off in assets by foreign investors.
The Chief Executive of Union Bank, Emeka Emuwa, told reporters after a meeting between the central bank and commercial bank’s representatives that “the limits would be reduced to more judicious levels.
“Currently, customers have an annual limit of $150,000, the regulator said after the meetings with the committee of lenders late on Thursday but did not disclose the new caps.