Here is how the new international restrictions on ATM cards will affect you

The Central Bank of Nigeria has recently implemented certain restrictions on the usage of bank cards in and outside the country. If you have found all the details confusing, here is the breakdown for your convenience.

ATM-Debit Card

The following apply to International cash withdrawals via ATMs and International payments via POS and online:

  1. You will be unable to withdraw cash at ATMs in other African countries
  2. However, you will still be able to use POS in other African countries
  3. You will be able to withdraw cash at ATMs outside of Africa
  4. You will still be able to use your card to shop online and make payments online but the total foreign exchange transactions (international ATM withdrawals, online shopping/payments and POS purchases in foreign currency) that you can make each month is $1,000 only
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8 comments

  1. My question is derived from your 2nd point and it goes thus.
    Would we still be able to purchase items online, say from aliexpress which is based in China?

  2. Ok, from what I read I was left with the impression one couldn’t use POS outside the country. Well more clarity will occur by the month of january.

  3. All these artificial restrictions ain’t going to lead us anywhere,the only long term solution is economic diversification away from crude oil..

  4. This is scary. If people’s understanding is so varied and different, maybe the CBN et al aren’t explaining things clearly enough?

    However, points 1 and 3 are a bit disappointing though.Is it implying that the currency in other African countries isn’t good enough against the Naira?

  5. Here is a fairly good summary of what this development means in real life: the new e-card policies are crippling travel, domain name and web hosting subscriptions, app purchases, Uber, and many other similar transactions.

    E-commerce is taking a heavy hit. Startups will feel it badly. Young Nigerians who are struggling to make things happen in digital media are taking a bad hit.

    We are hurtling back towards The Dark Ages.

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