The major problem Nigerians have faced over time is, making international payments online. It’s frustrating and tiring how paying as low as 5$ for a Spotify Music Subscription has become the most difficult thing on earth.
Providus Bank has proven to change the game for Nigerians, as you can now access over 1200$ on your naira classic master card easily.
What you should know
Lately, a memo passed by Nigerian banks says; “The naira master card will stop working for international transactions as customers need to get a dollar card for subsequent online transactions starting Sep 30th 2022”. It went so bad for many Nigerian banks as they could not meet the dollar demands of their customers as low as 20$
Few banks that still held their stand are sterling bank, who offer a 100$ spending limit last month, fidelity bank 50$ while others are stuck at 20$ or 0$
All this struggle is due to the scarcity of FX in the economy as CBN has given a mandate to all Nigerian banks to source FX proceeds themselves to meet the dollar demands of their customers.
Nigerians studying abroad are not left out of this whole distress, Applications for the PTA have also become a contentious subject, it is on a first-come, first-served basis. Many have lost their admission due to the FX payment delay as getting fees paid with the black market rate is way higher than assumed.
Why is providus Bank’s Naira Spending limit 1200$?
Amidst the whole exchange rate chaos in the country, Providus Bank has taken up the challenge to assist customers to make payments seamlessly by offering a whopping 1200$ spending limit on their naira cards.
Good news? But sadly, Providus Bank is not giving the 1200$ freely at the regular CBN rate. After calling a customer care agent from Providus Bank, we confirmed the current dollar-to-naira rate on their naira classic MasterCard to be 728/$ (Oct 7th 2022)
What is Providus Bank saying?
Providus Bank said they are helping their customers to have easy access to FX without visiting the bank to open a domiciliary account, get a reference, get a dollar card and source dollars from bureau de change(BDCs).
They made it very easy for their customers as all that is required is a providus Bank savings premium account and a naira classic master card.
So let’s know, will you stick to this providus spending limit plan? or will you resolve to use Virtual cards with spending limits of over $10,000 Monthly??
We will keep updating this post regularly on the recent dollar rate from providus bank, so that you can load an accurate figures to your account to avoid failed payments on your next checkout.