The Central Bank of Nigeria (CBN) has issued new guidelines for foreign‑issued card transactions to improve the efficiency and security of local currency withdrawals, payments and transfers. In a circular dated 18 December, the apex bank directed banks and non‑bank acquirers to implement multi‑factor authentication (MFA) for transactions exceeding $200 per day.
Under the new measures, MFA is required for withdrawals and online transactions above $200 daily, $500 weekly and $1,000 monthly, or the equivalent in other currencies. This requirement is intended to strengthen transaction security, especially for tourists and Nigerians in the diaspora visiting the country.
The CBN also instructed operators to properly configure point‑of‑sale (POS) terminals and automated teller machines (ATMs) to support transactions made with foreign‑issued cards. Compliance with the new cash‑withdrawal limits for ATM transactions involving foreign‑issued cards is mandatory for banks and non‑bank acquirers.
Introducing MFA is a significant step toward reducing unauthorized transactions and protecting cardholders. The CBN expects the move to boost confidence in Nigeria’s payment systems, making it easier for international visitors and Nigerians living abroad to access their funds while in the country.
These guidelines form part of the CBN’s broader effort to promote a secure, efficient payment system and strengthen the nation’s financial infrastructure. With the new measures in place, Nigeria’s payment ecosystem is expected to become more secure, reliable and convenient for users.
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