The Central Bank of Nigeria (CBN) has introduced new guidelines for foreign-issued card transactions, aiming to enhance the efficiency and security of local currency withdrawals, payments, and transfer services. In a circular dated December 18, the apex bank directed banks and non-bank acquirers to implement multi-factor authentication (MFA) for transactions exceeding $200 per day.

The new measures require MFA for withdrawals and online transactions above $200 daily, $500 weekly, and $1,000 monthly, or their equivalents in other currencies. This move is designed to strengthen transaction security, particularly for tourists and Nigerians in the diaspora visiting the country. The CBN has also instructed operators to properly configure point-of-sale (POS) terminals and automated teller machines (ATMs) to support transactions carried out with foreign-issued cards.

The directive is intended to improve access to funds for holders of foreign-issued cards in Nigeria, while also enhancing the overall security of transactions. The CBN noted that adherence to the new requirements is mandatory, and banks and non-bank acquirers must strictly comply with approved cash withdrawal limits for ATM transactions involving foreign-issued cards.

The introduction of MFA is a significant step towards reducing the risk of unauthorized transactions and protecting cardholders. The CBN’s move is also expected to boost confidence in the country’s payment systems, making it easier for international visitors and Nigerians living abroad to access their funds while in Nigeria.

The new guidelines are part of the CBN’s efforts to promote a secure and efficient payment system in the country. The apex bank has been working to strengthen the nation’s financial infrastructure, and the introduction of MFA for foreign-issued card transactions is a key aspect of this initiative. With the new measures in place, Nigeria’s payment systems are expected to become more secure, reliable, and convenient for users.