In a decisive move to strengthen payment security and improve service efficiency, the Central Bank of Nigeria (CBN) has directed banks and non-bank acquirers to reconfigure their Automated Teller Machines (ATMs) and Point-of-Sale (POS) terminals to support foreign-issued card transactions nationwide.
The directive, contained in a circular dated December 18 and signed by the Director of Financial Policy and Regulation, Rita Sike, introduces mandatory multi-factor authentication for foreign card transactions exceeding $200 per day. The new safeguards will also apply to transactions above $500 per week and $1,000 per month.
According to the apex bank, the policy is designed to ensure uninterrupted and efficient local currency withdrawals, payments, and transfer services for holders of foreign-issued cards, while tightening security around high-value transactions.
“The measures are aimed at enhancing transaction integrity and reducing fraud risks associated with foreign card usage,” the circular stated, adding that all affected institutions must comply fully within the stipulated timeline.
By mandating stronger authentication and upgrading payment infrastructure, the CBN is reinforcing confidence in Nigeria’s digital payment ecosystem—especially as cross-border card usage continues to grow.
Industry watchers say the move signals the regulator’s balancing act: boosting convenience for foreign card users while locking the doors tighter against financial crime.
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