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GTBank wins 2016 African Bank of the Year - Africa Banker Awards

GTBank wins 2016 African Bank of the Year - Africa Banker Awards

Lagos, Nigeria – May, 2017.   Foremost African financial institution; Guaranty Trust Bank plc has been named the African Bank of the Year at this year’s African Banker Awards. The Awards was presented during a prestigious gala dinner on 23rd May Ahmedabad, India, on the sidelines of the Annual Meeting of African Development Bank.   Now in its 11th year, The African Banker Awards is internationally recognized as the landmark finance event to reward achievements, commend best practices and celebrate excellence in African banking. The award provides a platform to bring together industry leaders from across Africa, celebrate the achievements of those driving economic growth and shaping the future of Africa.   Commenting on the awards ceremony, Publisher of African Banker Magazine; Mr Omar Ben Yedder said “In the year under review, GTBank demonstrated positive results across numerous indices, including a strong balance sheet, growing customer base and a continuous regional expansion. The Bank’s strong performance in 2016 underlined... Read More

Central Bank Reviews spending limit on Naira MasterCard

Lagos - April, 2015

As part of Central Bank of Nigeria’s (CBN) effort to check unrestrained usage of foreign currency in conducting business in Nigeria, the Central Bank of Nigeria has reviewed the foreign exchange spending limit on Naira automated teller machine (ATM) cards.

In line with the review, which takes immediate effect, users of such cards as the Naira MasterCard have been advised to limit their spending to only $50,000 per annum, from $150,000 previously.

Already the CBN has directed all the banks to advise their customers to ensure strict compliance as any violation would be met with stiff sanctions.

With the review, ATM card users cannot spend more than $50,000 in a year during their stay abroad or when shopping online at any foreign stores, ATMs and point of sale.

Similarly, the CBN has also reduced the daily cash withdrawal limit for ATM card users to a ceiling of $300.

Please see below the new limits for both spending using your Naira MasterCard and cash withdrawal abroad:

  Old Limit New Limit
FX Annual Spending Limit $150,000.00 $50,000.00
ATM Cash Withdrawal Limit $2,500.00 $300.00

 

Source: www.premiumtimesng.com

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