CBN Directs Banks to Improve Foreign Card Transaction Systems
The Central Bank of Nigeria (CBN) has ordered banks and non-bank acquirers to upgrade their automated teller machines (ATMs), point-of-sale (POS) terminals, and online payment systems to ensure smooth use of foreign-issued payment cards across the country. The directive, outlined in a circular signed by Dr. Rita Sike, Director of the Financial Policy and Regulation […]
CBN Lifts Cash Deposit Limits, Raises Withdrawal Thresholds
Nigeria’s Central Bank has announced sweeping changes to its cash-handling rules, scrapping long-standing deposit limits and raising weekly withdrawal thresholds in a move the bank says is designed to reflect “present-day realities” in the country’s financial system. The changes were detailed in a circular sent to commercial banks and signed by Dr Rita Sike, Director […]