Nigerian Banks to Ban Credit and Debit Card Use Abroad
Starting on 1 January 2016, credit and debit cards denominated in the Nigerian naira will no longer be enabled for international use. The decision by the Central Bank of Nigeria to ban credit and debit card purchases abroad comes amid declining foreign exchange liquidity and aims to slow the flow of foreign exchange out of the country. News of the ban broke via BBC. So far one Nigerian bank, Standard Charter, has informed customers of the impending change. The Nigerian economy, the twentieth largest in the world, has been hard hit by falling oil prices, and the unofficial value of the....
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