Regulatory Alerts2015-04-22 | TED/FEM/FPC/GEN/01/008Clarification on Circular Ref:TED/FEM/FPC/GEN/01/007 of April 13, 2015, Re: Usage of Naira Denominated Cards overseas
The Central Bank of Nigeria issued a clarification regarding the usage of Naira-denominated cards overseas, specifying that the restriction only applies to Naira-denominated debit and credit cards used internationally. Local debit and credit card transactions, as well as cards linked to domiciliary accounts for international use, remain unaffected. This information is intended to guide authorized dealers and the general public in complying with the bank's regulations.
CENTRAL BANK OF NIGERIA Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT TRADE AND EXCHANGE DEPARTMENT 09-61637804 09-61637802 E-mail address: ted@cbn.gov.ng TED/FEM/FPC/GEN/01/008 April 22, 2015 TO: ALL AUTHORISED DEALERS AND THE GENERAL PUBLIC CLARIFICATION ON CIRCULAR REE: TED/FEM/FPC/GEN/01/007 OF APRIL 13, 2015 RE: USAGE OF NAIRA DENOMINATED CARDS OVERSEAS It has been observed that some sections of the public are giving different interpretation to the recent circular Ref: TED/FEM/FPC/GEN/01/007 dated April 13, 2015 on the usage of Naira denominated cards overseas. It has therefore become necessary to provide the following clarifications: For the avoidance of doubt, the circular refers to Naira denominated cards (debit and credit cards) to be used overseas only.
Debit/Credit cards used locally are not affected by this circular.
Debit/credit cards linked to customers Domiciliary Account to be used overseas are also not affected.
Authorised dealers are therefore advised to take note and bring this to the attention of their respective customers for compliance AL BANK OF WING OLAKANMI .I. GBADAMOSI DIRECTOR TRADE & EXCHANGE DEPARTMENT