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.
The following apply to International cash withdrawals via ATMs and International payments via POS and online:
- You will be unable to withdraw cash at ATMs in other African countries
- However, you will still be able to use POS in other African countries
- You will be able to withdraw cash at ATMs outside of Africa
- 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
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 going to take 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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