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CBN Bans Use of Nigerian Debit Cards Overseas

Central Bank of Nigeria (CBN) has ordered commercial banks to stop customers from using their debit and credit cards outside the country.

According to the bank, the measure is part of Federal Government’s efforts to obstruct the flow of foreign exchange out of the country following the intense pressure on the naira in the past week.

The directive, which takes effect from January 1, 2016, will affect access to foreign online retailers, as well as Nigerians who travel abroad regularly and use their local cards for shopping and other transactions temporarily.

What are your thoughts on this recent development? Let us know in the comments section below.

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Ejura Salihu is an Anatomist, Writer and Editor. She is currently the Editor-in-chief for Connect Nigeria. You can contact her via email: ejurasalihu24@gmail.com or follow her on twitter @icyquin_msc

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