News as following the order by The Central Bank of Nigeria (CBN) restricting commercial banks from allowing their customers to use their debit and credit cards outside the country, a group of Nigerian students abroad protested this move yesterday
A text message sent by Standard Chartered Bank, among other banks in the country, said the service will stop in Jan. 1. “Dear Client, from January 1, 2016, you will be unable to use your Naira card abroad. This is due to shortage of FX. We regret any inconveniences,” the
message by the bank said.
The Director, Monetary Policy of the Central Bank of Nigeria, Mr Moses Tule, said that the nation’s foreign reserves has been heavily depleted due to the fall in the price of oil and as such, it 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.
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