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.
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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.
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By GlobalData
