The Central Bank of Nigeria (CBN) has directed all commercial banks in the country to stop customers from using of debit and credit cards abroad.
The move forms part of the government’s strategy to prevent foreign exchange outflow following the drop in the value of Nigerian currency naira due to fall in oil prices.
Go deeper with GlobalData
The ban will prevent Nigerians from using naira-denominated credit, debit and ATM cards for transactions denominated in foreign currencies, whether locally or overseas.
It will also restrict customers from making purchases on foreign e-commerce sites.
The measure, which is expected to be a temporary one, will be effective from 1 January 2016.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
