FG bans use of credit cards abroad

 

The Central Bank of Nigeria (CBN) has ordered all commercial banks to stop customers from using their debit and credit cards abroad.
Due to the latest development, banks are beginning to communicate the apex bank’s directive to customers through emails, noting that it is a “temporary measure”.
The directive, which takes effect from January 1, 2016, will no doubt affect access to foreign online retailers.
This is part of Federal Government’s efforts to obstruct the flow of foreign exchange out of the country.