Regulatory Alerts2025-12-18 | FPR/DIR/PUB/CIR/01/012Circular to all Banks and Other Financial Institutions Facilitation of Seamless Use Of Foreign cards
The Central Bank of Nigeria has issued new directives requiring banks and non-bank acquirers to ensure seamless, secure, and efficient use of foreign-issued payment cards across all terminals in Nigeria, mandating multi-factor authentication for transactions exceeding specified daily, weekly, or monthly limits. Financial institutions must upgrade their systems, enhance fraud monitoring, maintain liquidity, transparently communicate exchange rates, and improve dispute resolution processes for foreign card users. The CBN will strictly monitor compliance, advising users to report any difficulties, and will impose sanctions for any breaches of these new regulations.
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