IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 06 Jul 2015 | Removal date: open ended
Still in force

Controls on commercial transactions and investment instruments

On 6 July 2015, the Central Bank of Nigeria (CBN) further curbed access to foreign currency. In a circular by the Director of the Banking and Payment Systems Department, card issuing banks are subjected to the following four restrictions:

  • The use of Naira denominated corporate credit and debit cards for the use of cross-border payments is prohibited. Companies are advised to acquire foreign currency denominated cards.
  • Banks have to submit reports on Naira-denominated card transactions consummated overseas to the Nigeria Inter-Bank Settlement System (NIBSS).
  • The banking system has implemented a tracking system on the abroad use of Naira denominated cards.
  • Banks should educate their customers regarding foreign currency transfers with cards as violators will be sanctioned.

 
See Related Measures for preceding restrictions on the abroad use of Naira denominated cards.

AFFECTED COUNTRIES

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