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Banks Stop Use Of Credit, Debit And ATM Cards Abroad

In a bid to slow the flow of foreign exchange out of the country the Central Bank of Nigeria (CBN) has ordered commercial banks to stop customers from using their debit and credit cards abroad.
It also means that the customers will not be able to use their cards to buy products from foreign e-commerce sites. Standard Chartered Bank has already notified its customers about the changes.
“This is to notify you that from January 1, 2016, your naira card will no longer be enabled for international use. This is as a result of the limited foreign exchange supply in the financial market,” the notification reads.
Commenting on the ban duration, the spokesperson for Standard Chartered Nigeria, Mrs. Dayo Adurogbo, said, “We cannot give a definite date. It depends on how soon it is available. We will do everything to meet our customers’ demand once it is available.”

The CBN’s  directive is called a “temporary measure” that will help to stabilize the currency. The banks have already reduced the amount of money that Nigerians could spend on credit cards abroad from the annual $50,000 allowed by the CBN to between $5,000 and $15,000.