CBN Launches National Domestic Card Initiative

On Thursday, Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), launched the Nigerian National Domestic Card scheme. The scheme aims to give Nigerians control over their data, reduce transaction costs, and address foreign exchange issues. Emefiele announced that all card and online transactions will now take place on the domestic card scheme immediately.

The Nigerian National Domestic Card scheme, a significant milestone in the advancement of Nigeria’s payment system, aims to decrease the drawbacks associated with cash handling. At the virtual launch of the card, the Governor of the Central Bank of Nigeria (CBN) emphasized that all domestic transactions in Nigeria must now be conducted using the domestic card, as charges on foreign cards are denominated in dollars.

More information to follow…

Source: ThisDay Live

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