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The Central Bank of Nigeria (CBN) has directed banks and non-bank acquirers to implement multi-factor authentication for foreign card transactions exceeding $200 per day.
In a circular dated December 18 and signed by Rita Sike, director of the financial policy and regulation department, the CBN asked banks to implement the same authentication measure for transactions above $500 per week and $1,000 per month, and configure point-of-sale (POS) terminals for foreign card use.
The regulator said the move is part of efforts to ensure uninterrupted and efficient local currency withdrawals, payments, and transfer services for users of foreign-issued payment cards across Nigeria.
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