CBN domestic card has been unveiled.
The Nigerian National Domestic Card program was introduced on Thursday by Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), and will, among other things, give Nigerians control over their data, reduce transaction costs, and address issues with the use of foreign currency.
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At a time when there are still issues with foreign exchange around the world, Emefiele declared that all card and online transactions would immediately switch to the local card program.
The domestic card system, which is at a pivotal point in Nigeria’s payment system growth, is anticipated to lessen the abuses related to managing cash.
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The CBN governor noted that going ahead, all domestic transactions carried out in Nigeria must be done through the card when speaking at the virtual introduction of the card.
Benefits.
The CBN governor noted that going ahead, all domestic transactions carried out in Nigeria must be done using the Nigerian domestic card because fees on foreign cards are charged in dollars while domestic cards are charged in Naira.
