CBN Bans Dollar Charges On Domestic Transactions

The Central Bank of Nigeria (CBN) has stated that with the introduction of the National Domestic Card system, Afrigo, it will be setting a timetable beyond which the country‘s current card schemes will no longer be permitted to be used for domestic transactions.

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

Emefiele noted that the domestic card program gives the nation “the sovereignty of our data” and is less expensive, and he continued, “At this time when foreign exchange challenges persist globally, it is important that we have this card to ensure that all card transactions, including those made online where cards are used, 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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