ANNOUNCEMENT 13 Apr 2015In April 2015, the government of Nigeria announced a change in the private sector requirements to balance imports and exports.
NUMBER OF INTERVENTIONS
Timothy Enietan-Matthews, 15 April 2015, 'CBN reduces withdrawal limit with naira debit cards abroad', Daily Post: http://dailypost.ng/2015/04/15/cbn-reduces-withdrawal-limit-with-naira-debit-cards-abroad/
Central Bank of Nigeria, Trade and Exchange Department, 13 April 2015, 'Use of naira denominated cards overseas', circular reference no. TED/FEM/FPC/GEN/01/007: http://www.cenbank.org/Out/2015/TED/usage%20of%20naira%20denominated%20cardsoverseas.pdf
Central Bank of Nigeria, Trade and Exchange Department, 22 April 2015, 'Clarification on Circular Ref:TED/FEM/FPC/GEN/01/007 of April 13, 2015, Re: Usage of Naira Denominated Cards overseas', Circular reference no. TED/FEM/FPC/GEN/01/008: http://www.cenbank.org/Out/2015/TED/TED.FEM.FPC.GEN.01.008.pdf
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.