The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has stated that dollar charges on foreign cards for domestic transactions conducted within Nigeria will be stopped.
Emefiele disclosed this during the virtual launch of the Nigerian National Domestic Card Scheme, AfriGo, said transaction charges on the cards will be done in Naira.
He said only international transactions will be charged in foreign exchange, “All domestic card transactions that will be conducted in Nigeria will have to be through the Nigerian Domestic Cards.
“Your existing cards are fine. You can continue using them but given that charges by foreign cards are in dollars, we will no longer pay dollars for the charges on those cards.
“We will only pay dollars for charges on transactions that are done outside Nigeria. NIBSS, the CBN and Nigerian banks will work together to see how to segregate those transactions. To ensure that we pay fees or charges for international transactions that are conducted on both domestic cards, Visa or Master Cards, as they are known today.”
Emefiele stated further that, “We will bar domestic charges from the Nigerian foreign exchange market at some point in the very near future.”
Earlier in her welcome address, Deputy Governor, Financial System Stability, CBN and
Chairman, Nigerian Interbank Settlement System (NIBSS), Mrs Aishah. N. Ahmad, stated that “ As you are aware, technological advancement, rapid innovation in financial
and payment services.