Regulator says restriction healthy for economy
CONTRARY to claims in some quarters, it is not the Central Bank of Nigeria (CBN) that has imposed limitations on the use of debit or credit cards outside the country . Rather, it was Deposit Money Banks [DMBs] that made the restrictions.
This was the position of the apex bank which, however, admitted that the development was a healthy one for the economy as Nigerians can no longer use the debit or credit cards for frivolous expenses abroad. Before now, individuals and corporate organisations had used such cards to import various items thereby drawing down the nation’s foreign reserves.
The Director of Monetary Policy Department of the CBN, Moses Tule, while fielding questions from reporters in Abuja at the weekend, said: “The limitations on the use of debit or credit cards outside the country was not a limitation placed by the CBN. They were restrictions that Deposit Money Banks placed because they have to settle whatever transactions you make with your debit cards with their corresponding banks in foreign currency.