The Central Bank of Nigeria (CBN) yesterday said transactions done
through electronic channels and Pointof-Sales (PoS) terminals are not
subject to daily limit as settlement for the cards shall continue to be
with interbank funds.
However, the maximum limit for naira debit
and credit cards utilization shall be US$50,000.00 per annum. In
addition, daily cash withdrawal limit is pegged at US$300.00 per person
per day, and subject to monthly rendition of returns by Authorised
Dealer banks and card issuers to the CBN.
This was contained in
the new policy measures for 2016/2017 released yesterday by the Apex
bank. The new policy measure stated that Naira Debit/Credit cards used
locally are not affected and Debit/Credit cards linked to customers
domiciliary accounts to be used overseas are also not affected.
According
to the CBN, allowable limit of outbound money transfer per transaction
per person shall be US$1,000.00 or its equivalent per quarter subject to
review from time to time. Applicable charges by the operator shall be
in compliance with the money transfer charges as may be prescribed by
the CBN from time to time.
“Authorised Dealers shall henceforth
utilize interbank funds strictly for funding of Letters of Credits,
Bills for Collection and other invisible transactions, subject to
appropriate documentation as 4 SECTION FOUR 51 Central Bank of Nigeria |
January 2016 Monetary, Credit, Foreign Trade and Exchange Guidelines
for Fiscal Years 2016/2017 provided by extant regulation”, the CBN said
in the new policy measures.
On the other hand, the CBN will
continue to ensure that OFIs do not engage in nonpermissible activities
as specified in the revised guidelines.
Also yesterday, the CBN
requested all authorized dealers to submit returns on all foreign
investments by Nigerian entities offshore from 2006 till date.
In
a circular signed by Alvan Ikoku, director, trade and exchange
department, the returns which should be in excel format, should reach
the director, trade and exchange department, CBN, Abuja.
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