We Can't Reverse the Ban on ATM Card Use Abroad - CBN

             
Central Bank of Nigeria said it has no powers to reverse the restriction placed by the DMBs on the use of ATM cards abroad.
The Director, Monetary Policy Department, CBN, Mr. Moses Tule, while speaking with journalists in Abuja, said the CBN was in support of the decision as it would assist in reducing the pressure on the naira. He explained that the restriction might continue until the country could increase its foreign exchange earnings. He said if banks had not taken the decision to restrict the use of the ATM cards abroad, some of them.

The Director, Monetary Policy Department, CBN, Mr. Moses Tule, said these in Abuja while speaking with journalists. He explained that the restriction might continue until the country could increase its foreign exchange earnings.

He said if banks had not taken the decision to restrict the use of the ATM cards abroad, some of them
would current be experiencing challenges meeting the overseas demand of their customers.

This, he added, would have caused huge liabilities in the balance sheet of the banks, thus affecting their operations.

Tule said much as the CBN sympathised with Nigerians for the sufferings they were experiencing in carrying out transactions abroad, there was little it could do to reverse the decision of the banks.

Meanwhile below is the reaction of Senator Murray Bruce on the ATM card ban;