Companies can only use their corporate cards in Nigeria ONLY - CBN

Forex
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Tuesday, July 28, 2015 12:07 PM

The Central Bank of Nigeria (CBN) has issued a directive on the usage of corporate Naira denominated cards for transaction consummated overseas.

All corporate are no longer allowed the use of their Naira denominated cards for cross0border payments. This means you can only use Naira card in Nigeria.

You are advised to obtain foreign denominated card(s) which will be used against your corporate domiciliary account. However, the limit for the corporate accounts using foreign currency cards will be in line with the existing Business Travel Allowance (BTA) provision. Alternatively, you can get a Dollar, Pound or Euro prepaid card at any of our branches nationwide.

Daily returns for all cross-border card transactions will be rendered using BVN and customer account numbers.

 

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