CBN Bans Dollar Charges On Domestic Transactions

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With the launch of the National Domestic Card scheme, Afrigo, the Central Bank of Nigeria (CBN) has said it will be coming up with a deadline for the existing card schemes in the country afterwhich they will no longer be eligible for domestic transactions.

Speaking at a virtual launch of the card scheme on Thursday, the  Governor of the CBN, Godwin Emefiele, said: “all domestic transactions that are that are going to be conducted in Nigeria will have to be through the Nigerian domestic cards.”

Noting that the domestic card scheme avails the country “the sovereignty of our data” in addition to coming at a lower cost, Emefiele added that “at this time when foreign exchange challenges persist globally, it is important that we have this card to ensure that all card transactions, online transactions where you’re using cards will now effectively immediately begin to go on the Nigerian National Domestic system.

“At some point in the next few weeks, I’m sure that the CBN will come up with the cut-off. We will no longer pay dollars for those cards, for the charges on those cards.”

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