The Central Bank of Nigeria, CBN has said that it cannot lift the restriction on the use of Automated Teller Machine cards abroad by bank customers.      

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

He said, “The limitation on the use of debit or credit cards outside the country was not a limitation that was 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. And if the banks do not have the foreign currency to do that, then you create a liability problem for them.”

He said, going forward, the priority of the CBN would be to use the foreign exchange to settle matured Letters of Credit that had been opened for importation of petroleum products and other raw materials.

“Given the level of current flow into the reserves, by the time we meet these priority areas, you will discover that people who are using their debit cards overseas for shopping can never be on the priority list,” he added.