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Central Bank of Nigeria (CBN) has ordered commercial banks to stop customers from using their debit and credit cards outside the country. According to the bank, the measure is part of Federal Government’s efforts to obstruct the flow of foreign exchange out of the country following the intense pressure on the naira in the past week. The directive, which takes effect from January 1, 2016, will affect access to foreign online retailers, as well as Nigerians who travel abroad regularly and use their local cards for shopping and other transactions temporarily. What are your thoughts on this recent development? Let us know in the comments section below.
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This article was first published on 23rd December 2015

ejura

Ejura Salihu is an Anatomist, Writer and Editor. She is currently the Editor-in-chief for Connect Nigeria. You can contact her via email: ejurasalihu24@gmail.com or follow her on twitter @icyquin_msc

Comments (3)

3 thoughts on “CBN Bans Use of Nigerian Debit Cards Overseas”

  • Jay

    Seriously this is the most stupid decision to make in human history. Humans are built to adapt and live. This development will successfully make people to smuggle FX (increase in money laundering).

    It’s just like blocking a road junction just to redirect the traffic flow to another junction. The redirected junction will then be pressed with more traffic.

    Reply
  • Jay

    So how do they expect people to pay for their website hosting services?

    Reply
  • ak

    @ jay, i wonder ooooooooo………………..i dont understand those guyz decision most times

    Reply

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