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

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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.

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