NewStats: 3,262,346 , 8,176,884 topics. Date: Sunday, 01 June 2025 at 09:25 PM 4ce4w

The Central Bank of Nigeria (CBN) yesterday said transactions done through electronic channels and Pointof-Sales (PoS) terminals are not subject to daily limit as settlement for the cards shall continue to be with interbank funds.

However, the maximum limit for naira debit and credit cards utilization shall be US$50,000.00 per annum. In addition, daily cash withdrawal limit is pegged at US$300.00 per person per day, and subject to monthly rendition of returns by Authorised Dealer banks and card issuers to the CBN.

This was contained in the new policy measures for 2016/2017 released yesterday by the Apex bank. The new policy measure stated that Naira Debit/Credit cards used locally are not affected and Debit/Credit cards linked to customers domiciliary s to be used overseas are also not affected.

According to the CBN, allowable limit of outbound money transfer per transaction per person shall be US$1,000.00 or its equivalent per quarter subject to review from time to time. Applicable charges by the operator shall be in compliance with the money transfer charges as may be prescribed by the CBN from time to time.

“Authorised Dealers shall henceforth utilize interbank funds strictly for funding of Letters of Credits, Bills for Collection and other invisible transactions, subject to appropriate documentation as 4 SECTION FOUR 51 Central Bank of Nigeria | January 2016 Monetary, Credit, Foreign Trade and Exchange Guidelines for Fiscal Years 2016/2017 provided by extant regulation”, the CBN said in the new policy measures.

On the other hand, the CBN will continue to ensure that OFIs do not engage in nonpermissible activities as specified in the revised guidelines.

Also yesterday, the CBN requested all authorized dealers to submit returns on all foreign investments by Nigerian entities offshore from 2006 till date.

In a circular signed by Alvan Ikoku, director, trade and exchange department, the returns which should be in excel format, should reach the director, trade and exchange department, CBN, Abuja.

http://businessdayonline.com/2016/06/no-limit-on-naira-debit-credit-cards-utilization-cbn/

Over to the economist to many economics jargon

[size=18pt] I still don't know how we all fell for this scam called change and how we are to get raid of it...God bless GEJ and prof okonjo iweala.
[/size]

:oDis is what consuming our money.AIRTIME

If you really do not understand much what the update is talking about, please calm and wait for politics... That is where Nigeria have much talents, and still obviously blind. I am already seeing illicit comments from quotas... sometimes our silent is much appreciated

Ok

OK.....so that means we can use our cards for international transactions still?

Anyway....Nigeria needs to get off oil.

ok naa

This will be hard. what a daily limit

Good news

meaning

cool

Good

.

Goodnews

Yeye people.

read it over 5tymz and still didn't understand d jagonz

CBN is a joke. Changing policy day in day out. We abroad are even tired of these policies of a thing. Is CBN chameleon

really? that's daily limit of about 60k going by official dollar to naira exchange rates. how many people/businesses make use of pos and other e-channels?

themosthigh:
[size=18pt] I still don't know how we all fell for this scam called change and how we are to get raid of it...God bless GEJ and prof okonjo iweala.
[/size]

Now people now know the diff btw GEJ and and apc and people eye don open #GodblessGEJ

bizza45:
read it over 5tymz and still didn't understand d jagonz

Jargon all the way, they said no limit yet there is 300$ Daily withdrawal limit And $50000 limit per annum. Pls who wrote this nonsense.where is that OBJ pics sef.

A welcome development indeed.

themosthigh:
[size=18pt] I still don't know how we all fell for this scam called change and how we are to get raid of it...God bless GEJ and prof okonjo iweala.
[/size]

Oga you are stale.... Nothing is stopping you from getting them to contest as Governor and Deputy in your state.. God bless them but Kuje prison awaits them

How will this affect me positively please, I have alot of bills to pay ooo. Month don end

centboy123456:





Now people now know the diff btw GEJ and and apc and people eye don open #GodblessGEJ

[size=15pt]GEJ is a common criminal like Fayose, Dasuki, Saraki and Shekau. God bless PMB![/size]

bizza45:
read it over 5tymz and still didn't understand d jagonz

Conn help US tell those banks oooh before them keep us stranded abroad. How can they say daily withdrawal is $50? Hahn!

[s]

thaoriginator:
[size=15pt]GEJ is a common criminal like Fayose, Dasuki, Saraki and Shekau. God bless PMB![/size]

[/s]

Until proven guilty, all of them are innocent, except on pages of newspaper/social media!!

That is if the banks will agree to it.

at what exchange rate?