CBN Directs Banks to Ensure Seamless Use of Foreign Cards for International Users
The Central Bank of Nigeria (CBN) has directed banks to configure ATMs and POS terminals to accept foreign cards, implementing multi-factor authentication for transactions exceeding certain limits. Dr. Rita Sike from the CBN emphasized the need for seamless foreign card usage to enhance convenience and security for users.
Banks are required to comply with cash withdrawal limits, exchange rates, and settlement processes to ensure smooth transactions. The initiative aims to improve the user experience for diasporans, tourists, and international cardholders in Nigeria.
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