CBN Explains Why It Put A Restriction On Debits Cards

The Central bank of Nigeria has given reasons why it has put a restriction on the Naira debit card abroad.

The Director Monetary Policy of the Central Bank of Nigeria, Mr Moses Tule Speaking at an interactive session with journalists in Abuja,said that naira debit cards can no longer be used outside the country due to the abuse it has suffered in the hands of some persons who use it to transfer foreign currencies illegally.
According to him the nation’s foreign reserves has been heavily depleted due to the fall in the price of oil and as such, it had to place some restrictions on the use of naira debit cards in addition to banning the use of the United States dollar as a substitute for the naira.