The CBN further restricts the use of naira cards abroad

In a bid to restore Nigeria’s foreign exchange market the Central Bank of Nigeria issued another circular to banks in the country, which further restricts the use of naira cards abroad. This is the second time CBN is putting restrictions on the use of naira cards outside the country. Earlier this year the Central Bank asked commercial banks to limit daily foreign ATM cash withdrawals to $300.

“This is to notify you that from January 1, 2016, your naira card will no longer be enabled for international use”, the message from a bank said.

The mail further stated that the restriction is as a result of the limited foreign exchange (FX) supply in the financial market. It also urged customers, who receive foreign currency inflow, to open domiciliary accounts with them.

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