CBN Apex bank to enforce overseas spending limit on customers with multiple debit cards

The apex bank recently reduced the spending limit for Nigerians using their bank cards abroad to $50,000 from $150,000.

  • Published:
CBN Governor, Godwin Emefiele play

CBN Governor, Godwin Emefiele

(Bella Naija)
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The Central Bank of Nigeria (CBN) is taking steps to prevent bank customers with multiple debit cards from flouting its recent directive on overseas spending.

The apex bank recently reduced the spending limit for Nigerians using their bank cards abroad to $50,000 from $150,000.

The CBN is therefore planning to meet with electronic payment service providers like the Nigeria Interbank Settlement System (NIBSS), Visa International, MasterCard and Interswitch in order to devise a means of linking Bank Verification Numbers (BVN) to debit cards to ensure that the spending limit is not breached.

The apex bank reportedly decided to take the step when it was revealed that bank customers have been avoiding the limit by acquiring multiple cards.

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