CBN Outlaws Use Of Naira Cards Abroad

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In other to promote its forex curbs, the Central Bank of Nigeria, CBN, has banned the use of Naira denomination cards overseas.

According to a circular to banks posted on its website on Monday, the apex bank stated that, where a company requires a card for overseas payments, such firms should be encouraged to obtain foreign currency denominated cards, which would be issued against its domiciliary account, prepaid or credit card, “whose limits must be in line with the existing BTA provisions.”

The circular, which was signed by the Director, Banking and Payment System Department, Mr. Dipo Fatokun revealed that; “The report must be sent electronically in CSV format, via a file upload portal as specified by the NIBSS, which would include the Bank Verification Number (BVN) and the account numbers of the cardholder for each transaction.”

Furthermore, the CBN ordered that henceforth banks must submit reports of all naira-denominated card transactions consummated overseas to the Nigerian Interbank Settlement System (NIBSS) on a daily basis.



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