Most aspiring entrepreneurs feel it in their bones — they were born to be an entrepreneur, to the pointwhere nothing else in life could satisfy them. They’re dissatisfied as employees, followers or consumers. They want to create, build and grow their own enterprises, and they’re filled with the passion of their own ingenuity.
 

Here are 50 habits that born-to-be entrepreneurs can’t help but show. How many do you possess?

1. You can’t sit still. You’re always itching to come up with something, and do something great.

2. You’re always coming up with ideas. Good or bad, the flow of ideas never stops.

3. You can pinpoint flaws in other ideas. It comes naturally to you.

4. You marvel at successful business owners. Steve Jobs, Richard Branson, Mark Zuckerberg and Bill Gates are just a few of your heroes.

5. You get excited when you see a successful business in action.Whether it’s a local bar or a supermarket franchise, you can’t help but smile when you see a good business.

6. You constantly think of ways to improve your employer’s business.When you’re at work, you only think about how it could be better.

7. You hate being told what to do. You’re resentful of taking orders.

8. You love to learn new things. How tos and tutorials are what you’re all about.

9. You take things apart to see how they work. Remotes, toasters, phones — you love to see the inner workings.

10. You dream of wealth. Money isn’t everything, but you can’t help but have it on your mind.

11. You don’t give up easily. You face tough challenges but keep going.

12. You’re disciplined in your habits. You have set routines that don’t get broken easily.

13. You aren’t afraid of hard work. You give everything in your life 100 percent.

14. You have a high threshold for risk. You don’t take blind risks, but you don’t stay complacent either.

15. You meet as many people as you can. You aren’t afraid to branch out and meet new people.

16. You talk to everyone you meet. Strangers aren’t intimidating to you.

17. You bounce back from failure. You’ve experienced crushing failure, but it’s never stopped you from coming back.

18. You like calling the shots. You like the sound of being a director.

19. You set goals for yourself. Big or small, goals fill your life.

20. You help people whenever you can. You’re interested in the greater good.

21. You find challenges in everything you do. You seek out opportunities to challenge yourself.

22. You find ways to inspire people. You’re inspired by inspiration.

23. You plan everything down to the little details. Plans are a prerequisite for any activity.

24. You’re proud of yourself. You like who you are.

25. You help your friends solve their problems. You’re great at problem analysis.

26. You effectively delegate tasks and assign resources. In household chores and business operations alike.

27. You set deadlines for yourself. No excuses.

28. You like telling stories. You love to tell people about your experiences.

29. You’re hyper competitive. You can’t even play a board game without flipping that switch.

30. You get involved with things. If you see a car on the side of the road, you get out and ask if you can help.

31. You cut out things in your life that don’t work for you. If it’s inefficient or bothersome, it’s gone.

32. You negotiate whatever you can. Flea markets and salaries are just the beginning.

33. You see the potential in people. You don’t see people for who they are. You see them for who they could be.

34. You’re calm in a crisis. When stuff hits the fan, you still think logically.

35. You follow up with people when you want something. You don’t let opportunities go.

36. You avoid things that waste your time. You’re immune to mobile games and idle social-media time.

37. You persuade people to your side. You’re a natural rhetorician.

38. You make rational decisions, not emotional ones. For the most part, you trust your logic over your emotions.

39. You don’t forget people’s emotions. Still, there’s great sympathy in you.

40. You lose track of time when pursuing passion projects. Time seems to fly when you’re heads-down working on something.

41. You frequently start new passion projects. Every week, a new idea is transformed into a hobby.

42. You constantly upgrade your house (or car or anything). There’s always something to tinker with, replace or improve.

43. You’re crazy about new technology. You’re addicted to learning how new technologies can improve your life.

44. You read the news every day. It’s an ingrained habit.

45. You read books voraciously. Every book offers something new.

46. You listen to that internal voice. You trust your instincts.

47. You listen to others’ advice. You make your own decisions, but listen to others’ opinions too.

48. You don’t dwell in the past. When bad things happen, you keep moving forward.

49. You make sacrifices for what you want. You know you have to give things up to see greater success.

50. You never write off your dreams. You take your aspirations seriously. They’re a part of you.

Were you born to be an entrepreneur? If these habits sound like you, it’s time to start pursuing your true calling in life.

Source: 247nigerianewsupdate.com

Published On: Tue, Aug 18th, 2015

247 Slider / Education | By Administrator

50 Habits That Prove You Were Born to Be an Entrepreneur

Most aspiring entrepreneurs feel it in their bones — they were born to be an entrepreneur, to the point where nothing else in life could satisfy them. They’re dissatisfied as employees, followers or consumers. They want to create, build and grow their own enterprises, and they’re filled with the passion of their own ingenuity.
Here are 50 habits that born-to-be entrepreneurs can’t help but show. How many do you possess?
1. You can’t sit still. You’re always itching to come up with something, and do something great.
2. You’re always coming up with ideas. Good or bad, the flow of ideas never stops.
3. You can pinpoint flaws in other ideas. It comes naturally to you.
4. You marvel at successful business owners. Steve Jobs, Richard Branson, Mark Zuckerberg and Bill Gates are just a few of your heroes.
5. You get excited when you see a successful business in action.Whether it’s a local bar or a supermarket franchise, you can’t help but smile when you see a good business.
6. You constantly think of ways to improve your employer’s business.When you’re at work, you only think about how it could be better.
7. You hate being told what to do. You’re resentful of taking orders.
8. You love to learn new things. How tos and tutorials are what you’re all about.
9. You take things apart to see how they work. Remotes, toasters, phones — you love to see the inner workings.
10. You dream of wealth. Money isn’t everything, but you can’t help but have it on your mind.
11. You don’t give up easily. You face tough challenges but keep going.
12. You’re disciplined in your habits. You have set routines that don’t get broken easily.
13. You aren’t afraid of hard work. You give everything in your life 100 percent.
14. You have a high threshold for risk. You don’t take blind risks, but you don’t stay complacent either.
15. You meet as many people as you can. You aren’t afraid to branch out and meet new people.
16. You talk to everyone you meet. Strangers aren’t intimidating to you.
17. You bounce back from failure. You’ve experienced crushing failure, but it’s never stopped you from coming back.
18. You like calling the shots. You like the sound of being a director.
19. You set goals for yourself. Big or small, goals fill your life.
20. You help people whenever you can. You’re interested in the greater good.
21. You find challenges in everything you do. You seek out opportunities to challenge yourself.
22. You find ways to inspire people. You’re inspired by inspiration.
23. You plan everything down to the little details. Plans are a prerequisite for any activity.
24. You’re proud of yourself. You like who you are.
25. You help your friends solve their problems. You’re great at problem analysis.
26. You effectively delegate tasks and assign resources. In household chores and business operations alike.
27. You set deadlines for yourself. No excuses.
28. You like telling stories. You love to tell people about your experiences.
29. You’re hyper competitive. You can’t even play a board game without flipping that switch.
30. You get involved with things. If you see a car on the side of the road, you get out and ask if you can help.
31. You cut out things in your life that don’t work for you. If it’s inefficient or bothersome, it’s gone.
32. You negotiate whatever you can. Flea markets and salaries are just the beginning.
33. You see the potential in people. You don’t see people for who they are. You see them for who they could be.
34. You’re calm in a crisis. When stuff hits the fan, you still think logically.
35. You follow up with people when you want something. You don’t let opportunities go.
36. You avoid things that waste your time. You’re immune to mobile games and idle social-media time.
37. You persuade people to your side. You’re a natural rhetorician.
38. You make rational decisions, not emotional ones. For the most part, you trust your logic over your emotions.
39. You don’t forget people’s emotions. Still, there’s great sympathy in you.
40. You lose track of time when pursuing passion projects. Time seems to fly when you’re heads-down working on something.
41. You frequently start new passion projects. Every week, a new idea is transformed into a hobby.
42. You constantly upgrade your house (or car or anything). There’s always something to tinker with, replace or improve.
43. You’re crazy about new technology. You’re addicted to learning how new technologies can improve your life.
44. You read the news every day. It’s an ingrained habit.
45. You read books voraciously. Every book offers something new.
46. You listen to that internal voice. You trust your instincts.
47. You listen to others’ advice. You make your own decisions, but listen to others’ opinions too.
48. You don’t dwell in the past. When bad things happen, you keep moving forward.
49. You make sacrifices for what you want. You know you have to give things up to see greater success.
50. You never write off your dreams. You take your aspirations seriously. They’re a part of you.
Were you born to be an entrepreneur? If these habits sound like you, it’s time to start pursuing your true calling in life.

- See more at: http://247nigerianewsupdate.co/50-habits-that-prove-you-were-born-to-be-an-entrepreneur/#sthash.KD0rS29d.dpuf

Published On: Tue, Aug 18th, 2015

247 Slider / Education | By Administrator

50 Habits That Prove You Were Born to Be an Entrepreneur

Most aspiring entrepreneurs feel it in their bones — they were born to be an entrepreneur, to the point where nothing else in life could satisfy them. They’re dissatisfied as employees, followers or consumers. They want to create, build and grow their own enterprises, and they’re filled with the passion of their own ingenuity.
Here are 50 habits that born-to-be entrepreneurs can’t help but show. How many do you possess?
1. You can’t sit still. You’re always itching to come up with something, and do something great.
2. You’re always coming up with ideas. Good or bad, the flow of ideas never stops.
3. You can pinpoint flaws in other ideas. It comes naturally to you.
4. You marvel at successful business owners. Steve Jobs, Richard Branson, Mark Zuckerberg and Bill Gates are just a few of your heroes.
5. You get excited when you see a successful business in action.Whether it’s a local bar or a supermarket franchise, you can’t help but smile when you see a good business.
6. You constantly think of ways to improve your employer’s business.When you’re at work, you only think about how it could be better.
7. You hate being told what to do. You’re resentful of taking orders.
8. You love to learn new things. How tos and tutorials are what you’re all about.
9. You take things apart to see how they work. Remotes, toasters, phones — you love to see the inner workings.
10. You dream of wealth. Money isn’t everything, but you can’t help but have it on your mind.
11. You don’t give up easily. You face tough challenges but keep going.
12. You’re disciplined in your habits. You have set routines that don’t get broken easily.
13. You aren’t afraid of hard work. You give everything in your life 100 percent.
14. You have a high threshold for risk. You don’t take blind risks, but you don’t stay complacent either.
15. You meet as many people as you can. You aren’t afraid to branch out and meet new people.
16. You talk to everyone you meet. Strangers aren’t intimidating to you.
17. You bounce back from failure. You’ve experienced crushing failure, but it’s never stopped you from coming back.
18. You like calling the shots. You like the sound of being a director.
19. You set goals for yourself. Big or small, goals fill your life.
20. You help people whenever you can. You’re interested in the greater good.
21. You find challenges in everything you do. You seek out opportunities to challenge yourself.
22. You find ways to inspire people. You’re inspired by inspiration.
23. You plan everything down to the little details. Plans are a prerequisite for any activity.
24. You’re proud of yourself. You like who you are.
25. You help your friends solve their problems. You’re great at problem analysis.
26. You effectively delegate tasks and assign resources. In household chores and business operations alike.
27. You set deadlines for yourself. No excuses.
28. You like telling stories. You love to tell people about your experiences.
29. You’re hyper competitive. You can’t even play a board game without flipping that switch.
30. You get involved with things. If you see a car on the side of the road, you get out and ask if you can help.
31. You cut out things in your life that don’t work for you. If it’s inefficient or bothersome, it’s gone.
32. You negotiate whatever you can. Flea markets and salaries are just the beginning.
33. You see the potential in people. You don’t see people for who they are. You see them for who they could be.
34. You’re calm in a crisis. When stuff hits the fan, you still think logically.
35. You follow up with people when you want something. You don’t let opportunities go.
36. You avoid things that waste your time. You’re immune to mobile games and idle social-media time.
37. You persuade people to your side. You’re a natural rhetorician.
38. You make rational decisions, not emotional ones. For the most part, you trust your logic over your emotions.
39. You don’t forget people’s emotions. Still, there’s great sympathy in you.
40. You lose track of time when pursuing passion projects. Time seems to fly when you’re heads-down working on something.
41. You frequently start new passion projects. Every week, a new idea is transformed into a hobby.
42. You constantly upgrade your house (or car or anything). There’s always something to tinker with, replace or improve.
43. You’re crazy about new technology. You’re addicted to learning how new technologies can improve your life.
44. You read the news every day. It’s an ingrained habit.
45. You read books voraciously. Every book offers something new.
46. You listen to that internal voice. You trust your instincts.
47. You listen to others’ advice. You make your own decisions, but listen to others’ opinions too.
48. You don’t dwell in the past. When bad things happen, you keep moving forward.
49. You make sacrifices for what you want. You know you have to give things up to see greater success.
50. You never write off your dreams. You take your aspirations seriously. They’re a part of you.
Were you born to be an entrepreneur? If these habits sound like you, it’s time to start pursuing your true calling in life.

- See more at: http://247nigerianewsupdate.co/50-habits-that-prove-you-were-born-to-be-an-entrepreneur/#sthash.KD0rS29d.dpuf

WHY IKORODU TRADERS CLOSE MARKETS AND SHOPS FOR OBA KABIR SHOTOBI TODAY

Today, 13^th August 2015, business activities in Ikorodu was practically shut down as all markets and shops within the town were closed in honour of the newly installed Ayangbure of Ikorodu, Oba Kabir Adewale Shotobi, Adegorushe V (Ilufemiloba).

The closure of shops and markets, we gathered was to honour the newly installed monarch and also to avail market men and women as well as traders the opportunity to pay homage to the Ayangbure at his palace on the special day christened Market Men and Women Day.

The paying of homage to the Oba by the Ikorodu market men and women was part of a two-week long coronation activities lined up to commemorate the Oba’s coronation event.

Iyaloja of Ikorodu division, Madam Taofikat Allison led the market men and women, traders from diverse trade groups and across ethnic groups involved in trading and business activities in Ikorodu to the Oba’s palace with choice gifts presented to the Ayangbure by the visitors.

Members of the Ikorodu Resident Artistes (IRA) spiced up the event with cultural music and dance.

INCREDIBLE: AS NEW WEEK STARTS, NAIRA DROPS AGAIN

On Tuesday, August 11, the Nigerian currency dropped against the US dollar on the parallel market. 
 

Traders says that the drop was driven by demand mainly from individuals travelling abroad for summer holidays and importers.

According to Reuters, the naira was quoted at 224 to the greenback on the black market.
At the official interbank market, the dollar has cost 197 naira since February.
Harrison Owoh, a Nigerian bureaux de change (BDC) operator, said: “We’ve seen a surge in dollar demand since Friday.”  

He stated that the bank sold around $160m to BDC’s last week to increase dollar supply.
The source notes that BDCs are allowed to sell up to $4,000 as personal travelling allowance and $5,000 as business travelling allowance.

Last week the naira rose to 216 on the parallel market after banks had started denying their customers the opportunity to make cash deposits of dollars, pounds and euros into their domiciliary accounts.

Source: Naij.com

SIGNS YOU ARE DOING THE WRONG JOB

There are a lot of reasons why people choose to stay in the wrong jobs: bills to pay, family to support, not to talk of the fact that Nigeria is a country where it gets pretty challenging to find a job. 

 

But if you are working and you are unsure of whether or not this is the right job for you, and then take a look at the signs below that point to the fact that you are not really making a good career choice.


You do not feel inspired: A great career for you should make you feel inspired. It should make you excited for what is to come and leave you so amped up that you find yourself thinking up ways to make the organisation better. Thinking about your job should leave you feeling motivated to get better and be better. If all you feel for your job is blandness and despair, then you might be doing something wrong.

You hate getting out of bed: For most people, it is already difficult enough to get off the warm comfort of your bed, but if you are in an unsuitable job, then this will be downright torture for you. If you look at every day break as another wasted day even before you get out of bed, you are not in the right job.

You cannot picture a future: A great career path should always have room for you to grow. No one wants to stay in the same spot for years and years so if you feel like you have been in only one position since you began working, and you do not see this changing anytime in the near future, you should consider making a change. Wherever you work, you should have an idea where you see yourself in five, ten or even twenty years, this way, you can measure your growth and achievement as you go.

You feel depressed: If you find yourself, on every work day, feeling sad or depressed then you really need to consider finding a more suitable job. Depression can lead to a whole lot of other health issues and even suicidal thoughts, so it is nothing to joke about. Everyone’s aim in life is to be happy and feel fulfilled, if this is not your case, and then it is time to change jobs.

You do not connect with your colleagues: You do not have to be besties with every single person you work with, but sometimes, the thing that bonds colleague is the job they do and their excitement for it. Also, considering the fact that you spend a very high percentage of your time at work, if you do not connect with the people around you then you will have a problem.

You are not learning anything: We all learn every day. And we all want to feel like we are surrounded with opportunities to learn. Think about your job. Do you feel like you have learnt so much since you began? Do you have a better understanding for your line of work than you did before you began the job? If your answer is no, then you are not learning. Not learning means no growth. No growth means stagnation, and stagnation will only lead you to accumulating wasted time at the end of the day.

You fantasize about the perfect job: Do you find yourself spending most of your time fantasizing about the perfect job? Yes, some of us find ourselves wondering what it would be like working somewhere where we are paid more money or getting more benefits; but if you spend so much of your time, literally obsessed with working somewhere else, and then maybe you should.

You overenthusiastic about work-free days: Who doesn’t love the weekends, public holidays or other work-free days? But people who love their job still find themselves looking forward to going back to work after the much needed break. If in your case, you can only focus on your work-free days to the detriment of actually doing your job, you should consider changing careers.

You envy other people’s jobs: Just like fantasizing about the perfect job, if you also find yourself thinking that every single person’s job around you is better than yours, you are in the wrong job. This way of thinking is not only negative, but it is unrealistic. It is very unlikely that everyone around you has a better job than you but because you are so sad at your job, it starts to look that way.

You are bad at it: No one wants to be bad at their job. But if it feel like you are having so much challenges with work, then maybe this is not the right work for you. Even if you make mistakes, a good job should still leave you feeling competent.

It might be a bit difficult, especially in today’s climate to just up and switch job but it is worth the risk if you are unhappy where you are. Life is too short to stay stuck with whatever does not leave you feeling fulfilled.
Source: Naij.com

By Emeka Anaeto, Economy Editor

LAGOS — The battle for defence of the Naira value has widened, affecting existing withdrawal limits on Automatic Teller Machines (ATMs) and foreign transactions on all existing Naira debit cards (ATM cards).

In the new arrangement, all ATMs that were hitherto enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N60,000 per day while foreign currency is $300 per day. Hitherto, the domestic withdrawal limit was N150,000 per day.

The new arrangement has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad. Hitherto, a single ATM card serves for transactions for both domestic and abroad.

Also, the restructured cards now have spending limits on POS/eCommerce (online shopping) pegged at $300 (about N60,000) per day. Before this, the limit was N2 million per day.

In the new arrangement, a bank customer with multiple debit cards (ATM cards), only the one linked to the primary transactional account will be enabled for use abroad. Hitherto, such customers could transact with any of the cards that is funded.

However, banks are putting in place alternatives in these adjustments to address the concern of customers who are now being directed by their banks to reapply for a new card arrangement to suit their purposes.

For instance, Standard Chartered Bank has asked its customers to request a complementary ATM card for domestic use only so that the original N150,000 daily cash withdrawal limit can be restored and also reactivate POS/online purchase limit of N2 million per day.

The bank also required their customers to apply for a foreign currency denominated ATM linked to domiciliary account which would be enabled with no daily or annual international transaction limits.

Earlier, Guaranty Trust Bank Plc had informed its customers of its decision to reduce the daily international spending limit on their Naira MasterCard to $300 with effect from yesterday.

In a communication to the customers, the bank explained: “In view of the increased difficulty in sourcing foreign currency to settle international transactions on Naira MasterCards, we have reduced the daily international spending limit on your Naira MasterCard to $300.This means that you can only spend up to $300 daily when using your GTBank Naira MasterCard for international payments via POS and online.

“You will, however, continue to have the option of paying for medical bills, school fees, mortgages and credit cards using Form A, as these are eligible transactions for foreign currency. Simply visit any GTBank branch to complete a Form A along with the required documents to make these payments.”

These developments were coming on the heels of Central Bank of Nigeria’s (CBN) statement on Sunday that all legitimate requests for foreign currency for eligible transactions, normally referred to as “invisibles,” such as remittances for school fees, student maintenance allowances, BTA, PTA, medical and other eligible transactions, shall be fully met at the official/interbank exchange rate.

A statement from the CBN added that already all the legitimate demands for such transactions through recognised channels have so far been fully met by CBN.

The statement stated: “The CBN hereby directs all authorised dealers in foreign exchange in Nigeria to henceforth treat as top priority all legitimate demand for foreign exchange for eligible transactions.

“The CBN once again advises individuals that wish to source foreign currency for such eligible transactions to approach their banks with their legitimate demand as the CBN has made adequate provisions of foreign currency for all such legitimate and eligible purposes.

“Furthermore, holders of Naira denominated debit and credit cards shall continue to have access to the use of their cards at ATMs in any part of the world but subject to the annual limit of $50,000. ATM withdraws shall continue to be a maximum of $300 per day.

Source: 247nigerianewsupdate.com

Banks reduce withdrawal limits on ATMs

By Emeka Anaeto, Economy Editor
LAGOS — The battle for defence of the Naira value has widened, affecting existing withdrawal limits on Automatic Teller Machines (ATMs) and foreign transactions on all existing Naira debit cards (ATM cards).
In the new arrangement, all ATMs that were hitherto enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N60,000 per day while foreign currency is $300 per day. Hitherto, the domestic withdrawal limit was N150,000 per day.
The new arrangement has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad. Hitherto, a single ATM card serves for transactions for both domestic and abroad.
Also, the restructured cards now have spending limits on POS/eCommerce (online shopping) pegged at $300 (about N60,000) per day. Before this, the limit was N2 million per day.
In the new arrangement, a bank customer with multiple debit cards (ATM cards), only the one linked to the primary transactional account will be enabled for use abroad. Hitherto, such customers could transact with any of the cards that is funded.
However, banks are putting in place alternatives in these adjustments to address the concern of customers who are now being directed by their banks to reapply for a new card arrangement to suit their purposes.
For instance, Standard Chartered Bank has asked its customers to request a complementary ATM card for domestic use only so that the original N150,000 daily cash withdrawal limit can be restored and also reactivate POS/online purchase limit of N2 million per day.
The bank also required their customers to apply for a foreign currency denominated ATM linked to domiciliary account which would be enabled with no daily or annual international transaction limits.
Earlier, Guaranty Trust Bank Plc had informed its customers of its decision to reduce the daily international spending limit on their Naira MasterCard to $300 with effect from yesterday.
In a communication to the customers, the bank explained: “In view of the increased difficulty in sourcing foreign currency to settle international transactions on Naira MasterCards, we have reduced the daily international spending limit on your Naira MasterCard to $300.This means that you can only spend up to $300 daily when using your GTBank Naira MasterCard for international payments via POS and online.
“You will, however, continue to have the option of paying for medical bills, school fees, mortgages and credit cards using Form A, as these are eligible transactions for foreign currency. Simply visit any GTBank branch to complete a Form A along with the required documents to make these payments.”
These developments were coming on the heels of Central Bank of Nigeria’s (CBN) statement on Sunday that all legitimate requests for foreign currency for eligible transactions, normally referred to as “invisibles,” such as remittances for school fees, student maintenance allowances, BTA, PTA, medical and other eligible transactions, shall be fully met at the official/interbank exchange rate.
A statement from the CBN added that already all the legitimate demands for such transactions through recognised channels have so far been fully met by CBN.
The statement stated: “The CBN hereby directs all authorised dealers in foreign exchange in Nigeria to henceforth treat as top priority all legitimate demand for foreign exchange for eligible transactions.
“The CBN once again advises individuals that wish to source foreign currency for such eligible transactions to approach their banks with their legitimate demand as the CBN has made adequate provisions of foreign currency for all such legitimate and eligible purposes.
“Furthermore, holders of Naira denominated debit and credit cards shall continue to have access to the use of their cards at ATMs in any part of the world but subject to the annual limit of $50,000. ATM withdraws shall continue to be a maximum of $300 per day.

- See more at: http://247nigerianewsupdate.co/banks-reduce-withdrawal-limits-on-atms/#sthash.IqgkGK0H.dpuf

Banks reduce withdrawal limits on ATMs

By Emeka Anaeto, Economy Editor
LAGOS — The battle for defence of the Naira value has widened, affecting existing withdrawal limits on Automatic Teller Machines (ATMs) and foreign transactions on all existing Naira debit cards (ATM cards).
In the new arrangement, all ATMs that were hitherto enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N60,000 per day while foreign currency is $300 per day. Hitherto, the domestic withdrawal limit was N150,000 per day.
The new arrangement has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad. Hitherto, a single ATM card serves for transactions for both domestic and abroad.
Also, the restructured cards now have spending limits on POS/eCommerce (online shopping) pegged at $300 (about N60,000) per day. Before this, the limit was N2 million per day.
In the new arrangement, a bank customer with multiple debit cards (ATM cards), only the one linked to the primary transactional account will be enabled for use abroad. Hitherto, such customers could transact with any of the cards that is funded.
However, banks are putting in place alternatives in these adjustments to address the concern of customers who are now being directed by their banks to reapply for a new card arrangement to suit their purposes.
For instance, Standard Chartered Bank has asked its customers to request a complementary ATM card for domestic use only so that the original N150,000 daily cash withdrawal limit can be restored and also reactivate POS/online purchase limit of N2 million per day.
The bank also required their customers to apply for a foreign currency denominated ATM linked to domiciliary account which would be enabled with no daily or annual international transaction limits.
Earlier, Guaranty Trust Bank Plc had informed its customers of its decision to reduce the daily international spending limit on their Naira MasterCard to $300 with effect from yesterday.
In a communication to the customers, the bank explained: “In view of the increased difficulty in sourcing foreign currency to settle international transactions on Naira MasterCards, we have reduced the daily international spending limit on your Naira MasterCard to $300.This means that you can only spend up to $300 daily when using your GTBank Naira MasterCard for international payments via POS and online.
“You will, however, continue to have the option of paying for medical bills, school fees, mortgages and credit cards using Form A, as these are eligible transactions for foreign currency. Simply visit any GTBank branch to complete a Form A along with the required documents to make these payments.”
These developments were coming on the heels of Central Bank of Nigeria’s (CBN) statement on Sunday that all legitimate requests for foreign currency for eligible transactions, normally referred to as “invisibles,” such as remittances for school fees, student maintenance allowances, BTA, PTA, medical and other eligible transactions, shall be fully met at the official/interbank exchange rate.
A statement from the CBN added that already all the legitimate demands for such transactions through recognised channels have so far been fully met by CBN.
The statement stated: “The CBN hereby directs all authorised dealers in foreign exchange in Nigeria to henceforth treat as top priority all legitimate demand for foreign exchange for eligible transactions.
“The CBN once again advises individuals that wish to source foreign currency for such eligible transactions to approach their banks with their legitimate demand as the CBN has made adequate provisions of foreign currency for all such legitimate and eligible purposes.
“Furthermore, holders of Naira denominated debit and credit cards shall continue to have access to the use of their cards at ATMs in any part of the world but subject to the annual limit of $50,000. ATM withdraws shall continue to be a maximum of $300 per day.

- See more at: http://247nigerianewsupdate.co/banks-reduce-withdrawal-limits-on-atms/#sthash.IqgkGK0H.dpuf

Banks reduce withdrawal limits on ATMs

By Emeka Anaeto, Economy Editor
LAGOS — The battle for defence of the Naira value has widened, affecting existing withdrawal limits on Automatic Teller Machines (ATMs) and foreign transactions on all existing Naira debit cards (ATM cards).
In the new arrangement, all ATMs that were hitherto enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N60,000 per day while foreign currency is $300 per day. Hitherto, the domestic withdrawal limit was N150,000 per day.
The new arrangement has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad. Hitherto, a single ATM card serves for transactions for both domestic and abroad.
Also, the restructured cards now have spending limits on POS/eCommerce (online shopping) pegged at $300 (about N60,000) per day. Before this, the limit was N2 million per day.
In the new arrangement, a bank customer with multiple debit cards (ATM cards), only the one linked to the primary transactional account will be enabled for use abroad. Hitherto, such customers could transact with any of the cards that is funded.
However, banks are putting in place alternatives in these adjustments to address the concern of customers who are now being directed by their banks to reapply for a new card arrangement to suit their purposes.
For instance, Standard Chartered Bank has asked its customers to request a complementary ATM card for domestic use only so that the original N150,000 daily cash withdrawal limit can be restored and also reactivate POS/online purchase limit of N2 million per day.
The bank also required their customers to apply for a foreign currency denominated ATM linked to domiciliary account which would be enabled with no daily or annual international transaction limits.
Earlier, Guaranty Trust Bank Plc had informed its customers of its decision to reduce the daily international spending limit on their Naira MasterCard to $300 with effect from yesterday.
In a communication to the customers, the bank explained: “In view of the increased difficulty in sourcing foreign currency to settle international transactions on Naira MasterCards, we have reduced the daily international spending limit on your Naira MasterCard to $300.This means that you can only spend up to $300 daily when using your GTBank Naira MasterCard for international payments via POS and online.
“You will, however, continue to have the option of paying for medical bills, school fees, mortgages and credit cards using Form A, as these are eligible transactions for foreign currency. Simply visit any GTBank branch to complete a Form A along with the required documents to make these payments.”
These developments were coming on the heels of Central Bank of Nigeria’s (CBN) statement on Sunday that all legitimate requests for foreign currency for eligible transactions, normally referred to as “invisibles,” such as remittances for school fees, student maintenance allowances, BTA, PTA, medical and other eligible transactions, shall be fully met at the official/interbank exchange rate.
A statement from the CBN added that already all the legitimate demands for such transactions through recognised channels have so far been fully met by CBN.
The statement stated: “The CBN hereby directs all authorised dealers in foreign exchange in Nigeria to henceforth treat as top priority all legitimate demand for foreign exchange for eligible transactions.
“The CBN once again advises individuals that wish to source foreign currency for such eligible transactions to approach their banks with their legitimate demand as the CBN has made adequate provisions of foreign currency for all such legitimate and eligible purposes.
“Furthermore, holders of Naira denominated debit and credit cards shall continue to have access to the use of their cards at ATMs in any part of the world but subject to the annual limit of $50,000. ATM withdraws shall continue to be a maximum of $300 per day.

- See more at: http://247nigerianewsupdate.co/banks-reduce-withdrawal-limits-on-atms/#sthash.IqgkGK0H.dpuf