IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

Yes

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 13 Apr 2015 | Removal date: 13 Jul 2015
Still in force

Controls on commercial transactions and investment instruments

On 13 April 2015, the Central Bank of Nigeria (CBN) announced a reduction on the use of Naira denominated cards for overseas transactions. The limit was reduced from USD 150'000 to 50'000 per person and year. The daily cash withdrawal was pegged at USD 300.
 
On 22 April 2015, the CBN clarified that policy affects only credit and debit cards which are used overseas for accounts domiciled in Nigeria.
 
The decision comes in light of depleting foreign currency reserves. For more on this, see the entries under Related Measures. One effect of this measure is to reduce the ability of Nigerians to buy foreign products.

AFFECTED COUNTRIES

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