The reason is to discourage purchase of goods and services from foreign organizations, they are looking for ways naira will not depreciate more in value, but using it to inconvenient citizens. Your bank will support dollar card, and its daily limit is $1000, no limit for POS.
Bro, Nigeria imports way more than it exports, and that is what is putting pressure on the naira and making it less valuable. Nigeria may export a huge amount of petroleum, gas, cocoa, beans, and gold, but it also exports a lot of other things, like cars, tires, and different kinds of food stuffs. I read in an article online that such activities were what led to a foreign trade deficit of N1.94 trillion in 2021 as the country imported far more than it exported, causing an imbalance that has made the naira weaker.
This problem was mostly caused by some high-class businessmen and women and some government officials, but now it's people like you and me that are going to suffer more, while we don't even export anything too serious. Now that they (the government) have limited or canceled international transactions, I hope they have also made sure to limit those businessmen and other government officials that are playing more significant roles in the importing business because they are the ones who matter more while others who just buy a few things are going to suffer under these new rules.
But Boss, do you think this rule, will affect those big business men and women who are really importanting more goods and way too much?
