The Central Bank of Nigeria issued a circular directing all banks and non-bank acquirers to provide uninterrupted local-currency withdrawal, payment, and transfer services for users of foreign-issued payment cards across Nigeria, to support smoother card usage by diasporans and tourists. Institutions must configure ATMs, POS, and virtual terminals to accept all international cards with Nigerian acquirers, comply with card-association standards, and maintain required certifications. The directive also requires high system availability, multi-factor authentication for withdrawals and online transactions above USD 200 per day, USD 500 per week, and USD 1,000 per month (or equivalent), compliance with approved ATM cash withdrawal limits, and clear pre-transaction disclosure of market-driven exchange rates based on the prevailing official rate and any associated charges, with evidence of user acceptance. Additional requirements include maintaining liquidity for settlement, settling merchants in Naira, enhanced transaction monitoring, strengthened merchant KYC and anti-money laundering controls, signed card-present receipts and identity checks where suspicious, reporting suspicious activity to the Nigeria Financial Intelligence Unit, recalibrating fraud monitoring to reduce false declines, enabling contactless functionality for low-value transactions, and resolving complaints within approved timelines. Acquirers are further required to implement auditable chargeback management processes aligned with card-scheme rules and CBN guidelines, retain specified transaction documentation for at least 12 months and make it retrievable within 24 hours of a request by the acquirer or card scheme, and provide quarterly training to merchants and agent networks on dispute and chargeback handling. The Central Bank of Nigeria will monitor compliance and impose sanctions for breaches, and affected tourists and returning Nigerians are directed to lodge complaints through the CBN’s consumer protection function under existing consumer protection regulations.
Central Bank of Nigeria 2025-12-18
Central Bank of Nigeria directs banks and acquirers to ensure seamless foreign card withdrawals and payments with new authentication and dispute controls
The Central Bank of Nigeria mandates banks and non-bank acquirers to ensure uninterrupted local-currency services for foreign-issued card users. Institutions must accept international cards, comply with standards, and implement multi-factor authentication for high-value transactions. The directive includes liquidity maintenance, enhanced monitoring, and ATM withdrawal limits, with the Central Bank overseeing compliance and imposing sanctions for violations.