Why Naira Debit Cards are Restricted Abroad – CBN

Forum 8 years ago

Why Naira Debit Cards are Restricted Abroad – CBN

The Director, Monetary Policy of the Central Bank of Nigeria, Mr Moses Tule, has been speaking on the recent restrictions on the use of naira debit cards and dollar transactions in the country.


At an interactive session with journalists in Abuja, Mr Tule said that naira debit cards can no longer be used outside the country due to the abuse it has suffered in the hands of some persons who use it to transfer foreign currencies illegally.


He said that the nation’s foreign reserves has been heavily depleted due to the fall in the price of oil and as such, the apex bank had to place some restrictions on the use of naira debit cards in addition to banning the use of the United States dollar as a substitute for the naira.