BREAKING: CBN Bans Dollar Charges On Domestic Transactions

BREAKING: CBN Bans Dollar Charges On Domestic Transactions

The Central Bank of Nigeria (CBN) has announced that it will set a deadline for the country’s existing card schemes, after which they will no longer be eligible for domestic transactions.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, stated at a virtual launch of the National Domestic card scheme, Afrigo on Thursday.

Emefiele said: “all domestic transactions that are going to be conducted in Nigeria will have to be conducted through the Nigerian domestic cards.”

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Noting that the domestic card scheme avails the country “the sovereignty of our data” in addition to coming at a lower cost, Emefiele added that “at this time when foreign exchange challenges persist globally, it is important that we have this card to ensure that all card transactions, online transactions where you’re using cards will now effectively immediately begin to go on the Nigerian National Domestic system.

“At some point in the next few weeks, I’m sure that the CBN will come up with the cut-off. We will no longer pay dollars for those cards, for the charges on those cards.”

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