• Latest
  • Trending
CBN bans dollar charges on domestic transactions, Introduces New Payment Platform

CBN bans dollar charges on domestic transactions, Introduces New Payment Platform

AAU ASUU Condemns SIT Over Alleged Activities, Set For Legal Action

ASUU Gears Up for Strike as Government Ignores Ultimatum

Cooking Gas Hits ₦2,000 Per Kg as NNPC Blames Union Strike

Cooking Gas Hits ₦2,000 Per Kg as NNPC Blames Union Strike

JUST IN: Tinubu’s Minister Nnaji Involved in Certificate Scandal

Court Rejects Minister Nnaji’s Bid to Block UNN Over Certificate Scandal

APC Chieftain Roots for Dangote–Otti 2027 Presidency, Says It’ll Save Nigeria

APC Chieftain Roots for Dangote–Otti 2027 Presidency, Says It’ll Save Nigeria

Tinubu’s Minister Nnaji Admits Certificate Forgery

Tinubu’s Minister Nnaji Admits Certificate Forgery

What you need to Know about ‘New deadly’ Lakurawa Group Terrorising Nigeria’s Northwest

27 Killed as Bandits Strike Again in Kogi Communities

‘Watch Your Tongue’: Onoh knocks Jonathan Over Boko Haram Remark

‘Watch Your Tongue’: Onoh knocks Jonathan Over Boko Haram Remark

Tuesday, October 7, 2025
  • Login
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
iDeemlawful
No Result
View All Result
iDeemlawful
No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
Home Breaking News
CBN bans dollar charges on domestic transactions, Introduces New Payment Platform

CBN bans dollar charges on domestic transactions, Introduces New Payment Platform

by iDeemlawful
January 26, 2023
in Breaking News
A A
0

The Central Bank of Nigeria (CBN) has banned dollar charges on domestic transactions as it launched has launched the Nigerian National Domestic Card Scheme, AfriGo.

This was disclosed by the CBN governor Godwin Emefiele on Thursday, January 26, 2023, while launching the card virtually.

Godwin Emefiele said that transaction charges on all cards would henceforth be paid in Naira, except for international transactions.

SeeThese

CBN opens up on Introducing New N5000, N10000 Notes

CBN ordered to suspend increase in ATM Transaction Charges

CBN dragged to Court over ATM fee hike

According to him, AfriGo would be cheaper and would be a matter of national pride, with potential to boost financial inclusion.

ADVERTISEMENT

Emefiele said, “The National Domestic Card avails us the sovereignty of our data. Secondly, it comes at lower costs and thirdly, the issue of foreign exchange.


“At this time when foreign exchange challenges persist globally, it is important for me to say that we have come up with this card to ensure that all card online transactions will now effective immediately, begin to go on the Nigerian National Domestic System.

“At some point in the next few weeks, I am sure that the CBN will come up with the cut-off. All domestic card transactions that will be conducted in Nigeria will have to be through the Nigerian Domestic Cards.

“Your existing cards are fine. You can continue using them but given that charges by foreign cards are in dollars, we will no longer pay dollars for the charges on those cards.

“We will only pay dollars for charges on transactions that are done outside Nigeria. NIBSS, the CBN and Nigerian banks will work together to see how to segregate those transactions. To ensure that we pay fees or charges for international transactions that are conducted on both domestic cards, Visa or Master Cards, as they are known today.”

“We will bar domestic charges from the Nigerian foreign exchange market at some point in the very near future.”

The governor said that the introduction of AfriGo was not an attempt to discourage international investors’ operations in the Nigerian payments space but that it had become necessary owing to its obvious advantages.

He said, “This effort is not an attempt to prevent international service providers from continuing to provide services in Nigeria. Rather, it aimed at providing more options for domestic consumers, while also promoting the delivery of services in a more cost-effective and competitive manner.

“The CBN is committed to a robust and safe payment system and welcomes innovations from domestic and foreign investors.

“The Nigerian market is vast and the current participants have done so in the last 12 years to transform the ecosystem. Yet there is much ground to cover as millions of Nigerians are still without cards to consummate transactions.

“I am convinced that the National Domestic Card scheme will make this a reality in the coming months. We can no longer neglect the vast majority of Nigerians

Tags: CBN PoliciesiPad
Previous Post

Referee Sets History by showing first ever ‘White Card’ During Sporting v Benfica

Next Post

Police Officers Kill Fashion Designer In Osun

Next Read

What you need to Know about ‘New deadly’ Lakurawa Group Terrorising Nigeria’s Northwest
Breaking News

27 Killed as Bandits Strike Again in Kogi Communities

...

Read moreDetails
JUST IN: Tinubu’s Minister Nnaji Involved in Certificate Scandal
Breaking News

JUST IN: Tinubu’s Minister Nnaji Involved in Certificate Scandal

...

Read moreDetails
Zamfara LG Chairman Sparks Buzz After Sharing Phones, Power Banks to Youths (Video)
Breaking News

Zamfara LG Chairman Sparks Buzz After Sharing Phones, Power Banks to Youths (Video)

...

Read moreDetails
Fresh Graduate Gunned Down by Stray Bullet After Collecting NYSC Call-Up
Breaking News

Fresh Graduate Gunned Down by Stray Bullet After Collecting NYSC Call-Up

...

Read moreDetails
15 Die in Kwara road Accident
Breaking News

Kwara Elders Blast Saraki Over Security Remarks

...

Read moreDetails
President Tinubu arrives Brazil for G20 summit
Breaking News

Tinubu Boasts 12 Big-Wins as Nigeria Marks 65th Independence

...

Read moreDetails
18 Key Highlights from Tinubu’s 65th Independence Day Speech
Breaking News

18 Key Highlights from Tinubu’s 65th Independence Day Speech

...

Read moreDetails
FRSC Chief Orders Crackdown as 5 Officers Killed by Hit-and-Run
Breaking News

FRSC Chief Orders Crackdown as 5 Officers Killed by Hit-and-Run

...

Read moreDetails
Next Post
Police Officers Kill Fashion Designer In Osun

Police Officers Kill Fashion Designer In Osun

New Naira Notes: We May Push For Your Arrest, Gbajabiamila Warns Emefiele

New Naira Notes: We May Push For Your Arrest, Gbajabiamila Warns Emefiele

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019 iDeemlawful.

Useful Links

  • About
  • Advertise
  • Editorial
  • Support

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Copyright © 2019 iDeemlawful.