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<p>As the COVID-19 vaccination exercise continues in Africa, the continent’s leaders look to improve its growth prospect already forecasted at 3.4 per cent by the African Development Bank. But can they look to trade to facilitate this post-pandemic recovery? Jesuseun Fatoyinbo, Head of Trade at Stanbic IBTC Bank joins CNBC Africa for more.</p>


How trade can facilitate Africa’s post-COVID-19 recovery


<p>ABUJA (Reuters) &#8211; Nigerian banks plan to reduce the amount customers can spend abroad using debit cards on Monday, two lenders said, as banks try to limit foreign currency settlement risk.</p>



<p>The country is facing dollar shortages because of the sharp fall in the price of oil, Nigeria’s main export, and domestic banks are trying to avoid transactions with hard currency.</p>



<p>Stanbic IBTC Bank, the local unit of South Africa’s Standard Bank, said it will halve the spending limit for offshore card transactions to $500 per month from Monday and will limit cash withdrawals to $100.</p>



<p>Another top tier lender Zenith Bank said it will temporarily suspend the use of debit cards abroad for cash withdrawals and cut the monthly spending limit abroad by more than half to $200.</p>



<p>“This review is in response to today’s economic realities,” Zenith said in a notice, advising clients to request prepaid dollar cards.</p>



<p>Other lenders — Ecobank and Fidelity Bank — have also lowered withdrawal limits for individuals while abroad.</p>



<p>Such moves have previously been at the behest of the central bank, but it was not clear if the regulator was behind the latest action. The central bank did not respond to a request for comment.</p>



<p>The bank is battling to conserve dollar reserves that are down 19% from a year ago. Last week it depreciated the currency on the official market prompting the naira to weaken on the black and over-the-counter spot markets.</p>



<p>Bankers told Reuters that it now takes more than six months to settle foreign lines of credit.</p>



<p>Nigeria is yet to resume forex sales to retail currency traders after it banned international travel as part of a lockdown measure to slow the spread of the coronavirus that has killed 778 people and infected more than 36,000.</p>


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Nigerian banks to limit debit card spending abroad to ease FX risk

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<p>Chief Executive of Stanbic IBTC Bank, Demola Sogunle, says financial inclusion in Nigeria is a national agenda. At the bank&#8217;s ongoing West Africa Investor&#8217;s conference in Lagos, he spoke to CNBC Africa&#8217;s Christy Cole for more.</p>


Demola Sogunle of Stanbic IBTC Bank on deepening financial inclusion in Nigeria

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<p>Stanbic IBTC Holdings&#8217; gross earnings rose by 2.8 per cent in the first half of the year. However, its profit before tax decreased by 11.99 per cent for the period ended 30 June 2019. To discuss the facts behind the numbers, Adekunle Adedeji, Chief Financial Officer of Stanbic IBTC Bank joins CNBC Africa for more.</p>


stanbic ibtc bank

How trade can facilitate Africa’s post-COVID-19 recovery

Nigerian banks to limit debit card spending abroad to ease FX risk

Demola Sogunle of Stanbic IBTC Bank on deepening financial inclusion in Nigeria

Stanbic IBTC gross earnings up 2.8% to 117.3bn as interest income improves due to growth of loans

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stanbic ibtc bank

How trade can facilitate Africa’s post-COVID-19 recovery

Nigerian banks to limit debit card spending abroad to ease FX risk

Demola Sogunle of Stanbic IBTC Bank on deepening financial inclusion in Nigeria

Stanbic IBTC gross earnings up 2.8% to 117.3bn as interest income improves due to growth of loans

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