CBN Orders Nigerian Banks to Allow Foreign Card Transactions, Implements Stricter Security Measures

The Central Bank of Nigeria (CBN) has directed banks to enable ATMs, POS terminals, and virtual payment platforms to seamlessly accept foreign payment cards. The new guidelines aim to enhance transaction security and efficiency, requiring multi-factor authentication for foreign card transactions exceeding certain limits.

Banks and non-bank acquirers must comply with card association standards and maintain sufficient liquidity for settlements in local currency. The CBN also emphasizes chargeback management and customer complaint resolution within approved timelines.

The directive seeks to strengthen transaction security, combat money laundering, and ensure compliance with international card scheme rules.