Thursday, December 31, 2015 4:26 pm
UBA Plc in a mailing to customers today said its cards, VISA and Mastercard, can be used by Nigerian holders abroad.
The announcement which will be received with much relief by Nigerians, amidst the tightening of foreign exchange uses by the Central Bank of Nigeria , comes with some condition.
First of all card holders must inform the bank that they were leaving Nigeria, at least 24 hours before leaving Nigeria.
Two, the card holders are limited to a daily withdrawal of $300 on ATM. But there is no limit on POS and web transactions.
Three: In Asia, the cards are however not enabled for ATM withdrawals, but POS and web transactions will sail through, the bank said.
Four, In Europe and America, the cards can also be used for web and POS transaction, in addition to $300 maximum ATM withdrawals.
Nigeria’s foreign exchange reserves declined about 16 per cent in the last one year to $29 billion, as oil income was adversely affected by poor prices in the global market.