The Central Bank of Nigeria (CBN) has ordered banks and non-bank financial institutions to ensure that automated teller machines (ATMs), point-of-sale (POS) terminals and virtual payment platforms are enabled to accept foreign-issued payment cards.
The directive, contained in a circular dated December 18, 2025, was signed by the Director of the Financial Policy and Regulation Department, Rita Sike. It forms part of measures aimed at improving access, security and convenience for users of international cards in Nigeria.
Under the new guidelines, banks are required to implement multi-factor authentication for foreign card transactions that exceed $200 per day, $500 per week, or $1,000 per month, or their naira equivalents.
According to the apex bank, the policy is designed to facilitate seamless cash withdrawals, payments and transfer services for tourists and Nigerians in the diaspora who rely on foreign-issued cards while visiting the country.
The CBN directed all banks and non-bank acquirers to fully configure their ATMs, POS devices and virtual terminals to accept international cards issued outside Nigeria. Institutions must also comply with global card association standards and obtain relevant certifications to ensure uninterrupted transaction processing.
Financial institutions were further instructed to maintain system availability, provide adequate liquidity for settlement of transactions, and ensure that merchants receive payments in naira.
The circular also requires banks to clearly disclose applicable exchange rates and all related charges to customers before transactions are completed. These rates must be market-driven and based on prevailing official rates, while customers must explicitly accept the terms, with proof retained by the institutions.
In addition, the CBN mandated enhanced transaction monitoring to identify suspicious activity, strengthened know-your-customer (KYC) and anti-money laundering (AML) controls for merchants, and proper documentation for card-present transactions, including signed receipts and valid identification where necessary.
Banks and payment processors were also instructed to report suspicious transactions to the Nigeria Financial Intelligence Unit (NFIU) and adjust fraud-monitoring systems to reduce unnecessary declines of legitimate transactions.
The apex bank added that card acceptance devices must support contactless payments for low-value transactions and that customer complaints must be resolved within approved timelines, warning that unresolved issues could attract regulatory sanctions.
Institutions were also directed to maintain effective chargeback management processes in line with card scheme rules and CBN guidelines, including proper record-keeping for at least 12 months and quarterly training for merchants on dispute resolution.
The CBN advised tourists and returning Nigerians who experience difficulties using foreign-issued cards to report such cases to its Consumer Protection Department via complaint4cbn@cbn.gov.ng, adding that compliance with the directive will be closely monitored and violations will attract sanctions.
