2015-07-06 | BPSD/DIR/GEN/CIR/02/005

Circular on the Implementation of Controls on Naira Denominated Card Transactions Consumated Overseas

The Central Bank of Nigeria has issued a circular to all banks, instructing them to implement controls on Naira-denominated card transactions made overseas. Banks are required to submit daily reports of such transactions to the Nigeria Inter-Bank Settlement System (NIBSS) and inform cardholders about the tracking system in place. The aim is to monitor and enforce the existing limits on daily ATM withdrawals and annual expenditures for individuals using Naira-denominated cards abroad.

Nigeria

Central Bank of Nigeria

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