CBN Bans Dollar Charges On Domestic Transactions

The Central Bank of Nigeria (CBN) on Thursday, has banned the dollar charge on domestic accounts while launching the new Nigerian National Domestic Card Scheme, Afrigo.

The CBN Governor, Godwin Emiefele disclosed the new development during a virtual launch of the card scheme.

He said the ban will be coming up with a deadline for the previously existing card schemes in the country.

Emefiele attributed the new development to the charges by foreign cards on dollar and the new global era where foreign exchange has been faced with persisting challenges overtime, adding that the country must take the lead in securing her nation.

The CBN Boss said “At this time when foreign exchange challenges persist globally, it is important that we have this card to ensure that all card transactions, online transactions, where you are using cards will now effectively immediately begin to go on the Nigerian National Domestic system

“But given that charges by foreign cards are in dollars, we will no longer pay dollars for the charges on those cards. Particularly, we would only pay dollars charges for transactions that are done with whether they are domestic cards or foreign cards outside Nigeria.

“All domestic transactions that are going to be conducted in Nigeria will have to be through the Nigerian domestic cards,” he added.

Emefiele added that the new scheme will further push the value of the naira, reduce charge of transactions and help keep track of transaction records in the country.

He also noted that the domestic card scheme avails the country “the sovereignty of our data”, adding that it will be made available at a lower cost.