The Central Bank of Nigeria (CBN) has launched the Nigerian National Domestic Card Scheme in a bid to boost the country’s electronic payment system. The virtual launch was led by the CBN Governor, Godwin Emefiele, who stated that the new card would help to reduce operating costs and preserve foreign exchange within Nigeria.
According to Emefiele, all domestic transactions conducted in Nigeria must now be done through the Nigerian National Domestic Card system.
However, he reassured Nigerians that existing payments cards could still be used for transactions.
The CBN Governor also highlighted that charges by foreign cards, which are typically in dollars, will no longer be paid for with dollars for domestic transactions.
Emefiele stated that the CBN, Nigeria Inter-Bank Settlement System Plc, and Nigerian banks will work together to segregate transactions and ensure that only international transactions will incur charges or fees.
He emphasized that the purpose of the new card is not to show preference for domestic cards, but rather to conserve foreign exchange and prevent the payment of charges for domestic transactions from the Nigerian foreign exchange market in the near future.
