RegAlert

Rule · CBN · 13 Apr 2015 · TED/FEM/FPC/GEN/01/007

Usage of Naira Denominated Cards Overseas

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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.

NigeriaCentral Bank of Nigeria

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

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Circular No. 01/009 dated2013-09-26Not in RegAlertCircular No. 01/009 dated 2013-09-26 — Not in RegAlertUsage of Naira DenominatedCards Overseas2015-04-13 · this documentUsage of Naira Denominated Cards Overseas (2015-04-13)
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
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Amends
  • Circular No. 01/009 dated 2013-09-26Not in RegAlert

    “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…”

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Source: Central Bank of Nigeria — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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