{"id":26919,"date":"2020-08-11T11:12:34","date_gmt":"2020-08-11T11:12:34","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=26919"},"modified":"2020-08-11T11:12:40","modified_gmt":"2020-08-11T11:12:40","slug":"fidelity-bank-slashes-card-spending-limit-as-forex-scarcity-worsens","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=26919","title":{"rendered":"Fidelity Bank slashes card spending limit as forex scarcity worsens"},"content":{"rendered":"\n
\"Fidelity<\/figure>\n\n\n\n

Tier 2 Bank, Fidelity Bank Plc said it had reviewed its card spending limit downward as Nigeria grapples with a severe foreign exchange crunch across various segment of its currency market.<\/p>\n\n\n\n

The bank in an email to customers, said that the spending limit for debit card would now be $300 monthly while that of credit card remained $1,000.<\/p>\n\n\n\n

Banks in Nigeria, including Fidelity, had in July resolved to cap overseas debit card spending<\/a> in an effort to avert foreign currency settlement trouble as the coronavirus and the recent oil crash disrupted dollar flow into Africa\u2019s largest economy.<\/p>\n\n\n\n

\u201cIn view of the ongoing foreign exchange scarcity, monthly international spend limit has been reviewed as follows: Debit card \u2013 $300; and credit card \u2013 $1,000.<\/p>\n\n\n\n

\u201cFollowing this, your card can be used for international transactions on ATM, PoS and Web cumulatively to this new monthly limit,\u201d the email said.<\/p>\n\n\n\n

Fidelity Bank had said in an earlier email to customers in April that the spending limit on Fidelity naira Visa and MasterCard had been modified to $1,000 monthly for international transactions.<\/p>\n\n\n\n

\u201cThis 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,\u201d the bank said.<\/p>\n\n\n\n

Zenith Bank<\/a> had reduced monthly limits to $200 while Guaranty Trust Bank lowered its to $500.<\/p>\n\n\n\n

Stanbic IBTC said last month it would scale down monthly card transaction threshold to $500 and place a ceiling of $100 on withdrawals.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tier 2 Bank, Fidelity Bank Plc said it had reviewed its card spending limit downward as Nigeria grapples with a severe foreign exchange crunch across various segment of its currency market. The bank in an email to customers, said that the spending limit for debit card would now be $300 monthly while that of credit […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[4,21],"tags":[],"yoast_head":"\nFidelity Bank slashes card spending limit as forex scarcity worsens » WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=26919\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=26919#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=4\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Fidelity Bank slashes card spending limit as forex scarcity worsens\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Fidelity Bank slashes card spending limit as forex scarcity worsens » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=26919","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=26919#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Business","item":"https:\/\/watchdogplusmedia.com\/?cat=4"},{"@type":"ListItem","position":3,"name":"Fidelity Bank slashes card spending limit as forex scarcity worsens"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":20,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=4\" rel=\"category\">Business<\/a> <a href=\"https:\/\/watchdogplusmedia.com\/?cat=21\" rel=\"category\">Economy<\/a>","rttpg_excerpt":"Tier 2 Bank, Fidelity Bank Plc said it had reviewed its card spending limit downward as Nigeria grapples with a severe foreign exchange crunch across various segment of its currency market. The bank in an email to customers, said that the spending limit for debit card would now be $300 monthly while that of credit…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/26919"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26919"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/26919\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}