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.
address: ted@cbn.gov.ng Corporate Head Office Central Business District P.M.B. 0187. Garki, Abuja, FCT TED/FEM/FPC/GEN/017889E AND EXCHANGE DEPARTMENTIl 13, 2015
To: All Authorised Dealers And The General Public Usage Of Naira Denominated Cards Overseas
Further to the circular referenced No. TED/FEM/FPC/GEN/01/009 of September 26, 2013, all authorized dealers and the general public are hereby informed that with effect from the date of this circular (13th April, 2015) the existing limit on the usage of the naira denominated cards for transactions overseas has been reviewed downward.
Accordingly, the limit has been reduced from $150,000 to $50,000 per person, per annum. In addition, authorized dealers are to ensure that the daily cash withdrawal limit embedded in the cards per person, per day, is pegged at $300.
Authorized dealers are to ensure strict compliance with this new limit and render monthly returns of the transactions to the Director, Trade and Exchange Department, Central Bank of Nigeria not later than the 5th day of the following month.
Please ensure strict monitoring and compliance.
OLAKANIM. I. GBAD DIRECTOR TRADE & EXCHANGE DEPARTMENT