The Central Bank of Nigeria (CBN) has completely restricted the use of naira-denominated credit and debit cards outside the country, the BBC website reports.
Quoting an unnamed source, BBC reported that access to foreign online retailers “will also be affected when the ban takes effect on 1 January 2016”.
The CBN is yet to make the decision public, but a bank’s customer said he had already received an email to that effect.
In an attempt to curtail forex demand and preserve Nigeria’s foreign reserves, the central bank has come up with a lot of restrictions on the use of cards abroad.
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Banks progressively reduced the withdrawal limits on their cards while dollar-denominated cards can only be funded through in-flows into accounts and not by cash deposits.
TheCable also reported the ban placed by a bank on the use of naira debit cards in UAE, China and all African countries apart from Nigeria.
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3 comments
It is clear that Nigerian leaders are not intelligent enough,this country don’t manufacture nothing, no price control and now you are closing international doors against Nigerians. Why the stupid policies and naira keep crashing!give a liberal playing ground and naira will grow. You want to stop the corrupt and the innocent suffer.
.Promote local manufacturers, finance their activities just like the EXIM of USA this will encourage production and exportation so that more foreign currency can come in to improve our forex rather than uneccessary stoppage of debit card for foreign currency transactions. It will cause more problem than its benefits.
This policy is a breech of agreement. How are we sip posed to live abroad after we have been tricked into carrying a useless debit card based on the so called cashless policy. Yet some government officials cashed $2’1 billion across the counter? President Buhari must let go of this incompetent CBN Governor, period!