Regulatory Alerts2015-04-13 | TED/FEM/FPC/GEN/01/007Usage of Naira Denominated Cards Overseas
The Central Bank of Nigeria has issued a circular to all authorized dealers and the general public regarding the usage of Naira-denominated cards overseas. The circular announces a downward revision of the existing limit on transactions using these cards, from $150,000 to $50,000 per person per year. Authorized dealers are instructed to ensure compliance and provide monthly reports to the Director of the Trade and Exchange Department.
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