CBN Bans Dollar Charges On Domestic Transactions

The Central Bank of Nigeria (CBN) has said that with the launch of the National Domestic Card system, Afrigo, it would set a deadline for the existing card schemes in the country, after which they will no longer be valid for domestic transactions.

Godwin Emefiele, governor of the Central Bank of Nigeria, stated on Thursday, at the virtual launch of the card program, that all domestic transactions in Nigeria will be handled using Nigerian domestic cards.

Noting that the domestic card scheme affords the country “the sovereignty of our data” and comes at a lower cost, Emefiele added that “at a time when foreign exchange challenges persist globally, it is crucial that we have this card to ensure that all card transactions, including online card transactions, will now begin to go through 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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