In a major boost for tourism and diaspora engagement, the Central Bank of Nigeria has instructed all deposit money banks and non-bank acquirers to immediately configure their ATMs, point-of-sale terminals, and virtual payment platforms to fully accept international cards .
The directive, signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department, stipulates that multi-factor authentication must be applied to all withdrawals and online transactions above daily, weekly, and monthly thresholds of $200, $500, and $1,000 respectively . This measure balances security with convenience for international travelers.
The CBN said the move addresses persistent complaints around declined transactions, unclear pricing, system downtime, and operational bottlenecks that have affected foreign card users in Nigeria . For years, tourists and returning Nigerians struggled to access funds through foreign-issued cards, creating frustration and limiting economic activity.
Under the directive, financial institutions must ensure full acceptance of foreign cards across all infrastructure, enforce approved ATM withdrawal limits, and maintain adequate liquidity for settlement . Exchange rates must be market-driven based on the prevailing official rate, with transactions proceeding only after users have explicitly accepted the stated terms .
The directive reflects improved FX liquidity and renewed investor confidence, with foreign capital inflows reaching $20.98 billion in the first 10 months of 2025—a 70 percent increase over 2024 .
Tourists and returning Nigerians who encounter difficulties were advised to lodge complaints with the CBN’s Consumer Protection Department , with non-compliant institutions facing sanctions. The policy marks Nigeria’s commitment to modernizing its payment ecosystem and integrating with global financial standards.
CBN Orders Banks to Accept Foreign Cards Nationwide
