No going back on restriction on the use of ATM cards abroad – CBN

The Central Bank of Nigeria has said the restriction placed on the use of Automated Teller Machine cards abroad is not likely to be reviewed any time soon.
The apex bank which said the policy is due to the shortage of foreign exchange said it has no powers to order banks to reverse the policy which was meant to reduce the pressure on the naira.

Godwin Emefiele

The Director, Monetary Policy Department, CBN, Mr. Moses Tule, told journalist in Abuja that the restriction will continue until the country increases its foreign exchange earnings.
According to him, banks would have had serious problems meeting the overseas demands of some of their customers if they had not placed the restriction on the use of ATM abroad.
Tule said though the CBN boss sympathised with Nigerians facing difficulties due to the restrictions, but there is nothing it can do to change the decision.
He said, “The limitation on the use of debit or credit cards outside the country was not a limitation that was placed by the CBN.
“They were restrictions that Deposit Money Banks placed because they have to settle whatever transactions you make with your debit cards with their corresponding banks in foreign currency. And if the banks do not have the foreign currency to do that, then you create a liability problem for them.”
Source: The Punch

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