CBN reveals why It Can’t Reverse The Ban On ATM Card Use Abroad

The decision of Deposit Money Banks, DMBs, to
place a restriction on the use of ATM cards
abroad by bank customers is due to scarcity of
foreign exchange, the CBN has said.

The CBN said although it sympathizes with
Nigerians for the sufferings they are experiencing
in carrying out transactions abroad, it can’t
reverse the decision of DMBs and the CBN is in
support of it as it would assist in reducing the
pressure on the Naira.
The Director, Monetary Policy Department, CBN,
Mr. Moses Tule, explained that the restriction
might continue until Nigeria could increase its
foreign exchange earnings. He said if banks had
not taken the decision to restrict the use of the
ATM cards abroad, some of them would current be
experiencing challenges meeting the overseas
demand of their customers.
May GOD help Us.. AMEN!!!
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