CBN Monitoring International Transactions On Naira Debit Cards

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The Central Bank of Nigeria has disclosed that it is closely monitoring the use of naira-denominated cards for international transactions by bank customers.

The statement followed the upward review of customers’ spending limits from a maximum of $100 to $1000 by some banks.

The apex bank said it is monitoring such transactions to ensure that gains recorded in the foreign exchange market were not lost.

Last year, many Nigerian banks suspended forex transactions on their naira debit and credit cards.

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