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Nairaland Forum / Nairaland / General / Travel / CBN Restricts Use Of Naira Denominated Cards Abroad (42354 Views)
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CBN Restricts Use Of Naira Denominated Cards Abroad by redcap: 8:34pm On Jul 07, 2015 |
Three months after it reviewed downwards the existing limit on the usage of naira denominated cards for transactions overseas, the Central Bank of Nigeria (CBN), in continuation of its forex curbs, has said that such cards would not be allowed for crossborder payments. In a circular to banks posted on its website yesterday, the apex bank stated that where a company requires a card for overseas payments, such firms should be encouraged to obtain foreign currency denominated cards, which would be issued against its domiciliary account, prepaid or credit card, “whose limits must be in line with the existing BTA provisions.” The CBN further directed that henceforth banks must submit reports of all naira-denominated card transactions consummated overseas to the Nigerian Interbank Settlement System (NIBSS) on a daily basis According to the circular, which was signed by the Director, Banking and Payment System Department, Mr. Dipo Fatokun, “The report must be sent electronically in CSV format, via a file upload portal as specified by the NIBSS, which would include the Bank Verification Number (BVN) and the account numbers of the cardholder for each transaction.” The CBN also directed banks to inform cardholders that the banking industry has instituted a tracking system on the use of naira denominated cards abroad, warning that violators of the fresh directive would be sanctioned. Last April, the banking watchdog had pegged the existing limit on the usage of naira denominated cards for transactions overseas at $50,000 per person per annum, representing 66.7 percent below $150,000 where it stood. It also directed authorised dealers to ensure that the daily cash withdrawal limit embedded in the cards per person, per day is pegged at $300. Besides, the CBN last Wednesday stated that beyond the exclusion of funding for 41 items in the interbank forex market, the items cannot also be funded from proceeds of exports as well as the bureau de change (BDC) segment of the forex market. The latest directive by the CBN, which has shied away from devaluing the naira, was done to reduce pressure on the informal or BDC segment of the forex market, where the local currency plunged yesterday as importers sought alternative sources for dollars after the central bank stopped foreign-currency funding for 41 items. In the BDC market, the naira declined to N230 to the dollar from N226 on Tuesday, the President of the Association of Bureaus de Change of Nigeria, Aminu Gwadabe, told Bloomberg in an interview. http://newtelegraphonline.com/cbn-restricts-use-of-naira-denominated-cards/ |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by redcap: 8:36pm On Jul 07, 2015 |
Mods kindly move this thread to FP,travellers needs to stay informed to avoid being stranded abroad. Cc.lalasticlala,ngwakwe 2 Likes |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by omolizzy(f): 8:36pm On Jul 07, 2015 |
I tire for CBN matter. 4 Likes |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by redcap: 8:41pm On Jul 07, 2015 |
Just when I'm almost done gathering cards to access fund on my next trip abroad,now this.CBN should put their act together this restrictions is becoming unbearable. 16 Likes |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by mourinho: 8:43pm On Jul 07, 2015 |
Noted |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by redcap: 8:47pm On Jul 07, 2015 |
They'll soon ban use of western union for outbound transfer.As long as this policy will shore up the value of naira then no problem. 2 Likes |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by Super1Star: 8:48pm On Jul 07, 2015 |
Does this Emefiele knows what he is doing sha? 21 Likes |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by Nobody: 8:49pm On Jul 07, 2015 |
Summary Subject specifically applies to the use of the various debit cards abroad. Whenever they are used abroad, the merchants have to be settled, even iif iit iis ATMs, the provider, which may be Visa or Mastercard, we will have to be settled in foreign exchange(dollar or euro) Therefore iit was found by CBN that the merchant settlement fee put a drain on the foreign exchange resources available to finance industries. because naira has lost iits value against other currencies iit will be on the high side and unwise to be charged iin Naira, for this reason CBN came up with the idea to stop customers from using debit cards abroad rather Thumbs up CBN although travelers will kinda be affected by this unprecedented quest to miraculously #SaveNaira 12 Likes 1 Share |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by Nobody: 8:49pm On Jul 07, 2015 |
I like buhari d best president 2 Likes 1 Share |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by Tval(m): 8:49pm On Jul 07, 2015 |
Confused lots. |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by pretydiva(f): 8:49pm On Jul 07, 2015 |
Don't even no wat dey r saying ..abeg mk I sleep jor. Gud nyt y'all 1 Like |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by firstolalekan(m): 8:49pm On Jul 07, 2015 |
^ The guy above me deserves the punishment He's fond of booking and wasting space 8 Likes |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by lilprinze: 8:50pm On Jul 07, 2015 |
This country has entered one chance. 3 Likes |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by atlwireles: 8:51pm On Jul 07, 2015 |
Okay |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by okotv(m): 8:52pm On Jul 07, 2015 |
As long as it helps ths naira....carry go |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by NaijaEarnOnline: 8:52pm On Jul 07, 2015 |
so how will people travelling abroad pay for goods and services. CBN is just placing restrictions without advice to nigerians on what to do 13 Likes 1 Share |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by Nobody: 8:53pm On Jul 07, 2015 |
This Emefiele guy must be confused 7 Likes 1 Share |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by 20thAccountLOL: 8:53pm On Jul 07, 2015 |
then they better just scrape ATM lobbish *incompetent people* if only they know how much foreign transaction we do with ATM everyday iranu 6 Likes |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by pappyshun(m): 8:53pm On Jul 07, 2015 |
Wetin consign me. Cedis all the way! 1 Like |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by Memyselfu2009(m): 8:54pm On Jul 07, 2015 |
who are we to blame jonathan or buhari... |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by obinna222: 8:54pm On Jul 07, 2015 |
WHAT IS THE POINT FOR THE CASHLESS POLICY THEN? AND HOW ARE WE SUPPOSED TO SOURCE FOR THE FOREIGN CURRENCY FOR THE SUPPOSED FOREX CARD ACCOUNT 6 Likes |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by mjameel(m): 8:54pm On Jul 07, 2015 |
CBN. let them make policies that will benefit the common Nigearians |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by 989900: 8:55pm On Jul 07, 2015 |
WTF is this?! in a circular to banks posted on its website yesterday, the apex bank stated that where a company requires a card for overseas payments, such firms should be encouraged to obtain foreign currency denominated cards, which would be issued against its domiciliary account, prepaid or credit card, “whose limits must be in line with the existing BTA provisions.” Which is which? Further clarification needed. This directive is issued for company accounts? What? Sensational headline? |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by money121(m): 8:55pm On Jul 07, 2015 |
Why?? |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by Nobody: 8:56pm On Jul 07, 2015 |
This is wonderful.i love the CBN directives.now de can monitor all transactions made abroad.make all dis politicial no chop us finish |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by Nobody: 8:56pm On Jul 07, 2015 |
unhh? this is just another "patch-patch" approach to strengthening the Naira... 2 Likes |
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by Precious91(m): 8:57pm On Jul 07, 2015 |
If we can use dollars here,don't see why they can't use naira there.Attimes I wonder if we are still spending naira in Nigeria.Our government always talking in dollars |
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