The Central Bank of Nigeria (CBN) has issued a regulatory circular directing banks and other financial institutions to ensure the seamless use of foreign-issued payment cards across Nigeria.
The circular, referenced FPR/DIR/PUB/CIR/01/012 and dated 18 December 2025, was issued by the Financial Policy and Regulation Department of the CBN. It applies to all banks and non-bank acquirers of value operating within Nigeria and relates to the acceptance, processing, and settlement of transactions conducted with foreign-issued cards.
According to the circular, affected institutions are required to ensure that all automated teller machines (ATMs), point-of-sale (POS) terminals, and virtual payment platforms are configured to accept international cards with Nigerian acquirers and comply with applicable card-scheme standards and certifications. Institutions are further directed to maintain system availability to ensure uninterrupted transaction processing nationwide.
The CBN directed banks and acquirers to implement multi-factor authentication for withdrawals and online transactions above specified monetary thresholds and to comply with approved cash withdrawal limits for ATM transactions. Institutions are also required to clearly disclose applicable exchange rates and associated charges to users before completing transactions and to maintain sufficient liquidity to settle transactions in local currency.
Additional obligations outlined in the circular include transaction monitoring to detect unusual usage patterns, strengthened know-your-customer and anti-money-laundering controls for merchants, reporting of suspicious transactions to the Nigeria Financial Intelligence Unit, recalibration of fraud-monitoring systems, and timely resolution of consumer complaints. Acquirers are further required to implement auditable chargeback management processes, retain transaction documentation for a minimum of 12 months, and provide periodic training to merchants and agent networks.
The circular states that tourists and Nigerian returnees from the diaspora who encounter difficulties using foreign-issued cards may submit complaints to the Consumer Protection and Financial Inclusion Department of the CBN, to be handled in accordance with existing consumer protection regulations.
The CBN indicated that compliance with the directive will be monitored and that appropriate sanctions will be imposed on institutions found to be in breach, in line with existing regulatory provisions.
What Next:
– Immediate compliance by banks and non-bank acquirers is required.
– Ongoing regulatory monitoring by the Central Bank of Nigeria.
– Enforcement actions, where applicable, will be taken under extant regulations.
