The Central Bank of Nigeria (CBN) has directed commercial banks in the country to stop customers from using their Naira debit and credit cards abroad.
One bank has emailed customers to this effect, stressing it is a ‘temporary measure’ occasioned by the ‘limited foreign exchange supply in the international market.’
Access to foreign online retailers will also be affected when the ban takes effect on 1 January 2016.
It is part of the government’s effort to try to stem the flow of foreign exchange out of the country.
The value of the naira, has plunged in the parallel because of the fall in the oil price as the country has reportedly spent billions of dollars propping up the currency since it fixed the exchange rate in February and tightened trading rules to curb speculation.
Those shopping abroad for leisure or business appear to be hit the hardest by the new directive by the CBN.
One of the banks, Standard Chartered, has emailed its customers notifying them of the ban.
In June, the central bank banned businesses from accessing hard currency to import about 40 items.
The list included Indian incense, plastic and rubber products, soap and even private jets.
The amount that Nigerians could spend on credit cards abroad has already been reduced by the banks.
