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Nigeria Bans Credit Card Use Abroad

Nigeria Bans Credit Card Use Abroad

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The Central Bank of Nigeria (CBN) has ordered commercial banks to stop customers from using their debit and credit cards abroad. One bank has emailed customers to this effect, stressing it is a “temporary measure”.

Access to foreign online retailers will also be affected when the ban takes effect on 1 January 2016. It is part of the government’s effort to try to stem the flow of foreign exchange out of the country.

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