The Central Bank of Nigeria, CBN, yesterday announced the reduction of the usage of naira debit cards for transactions overseas from $150,000 to $50,000 per person, per annum. The reduction was announced by the Director, Trade and Exchange Department, CBN, Mr. Olakanni Gbadamosi via a circular titled “Usage of Naira Denominated Cards Overseas.
The circular stated:
“All authorised 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...
