See The Condition That Must Be Met Before CBN Will Lift The Restrictions On The Use Of ATM Cards Abroad

Last time we gave you the break down on the latest CBN policy that prohibits the use of local ATM card abroad and on all foreign transactions.

With the latest report and development coming in on the policy, has it that there is no going back on the policy and that the restrictions will stand come 2016.

For those that are even thinking that it is going to be a temporal action, they should brace up for the worst as CBN in their latest report is not planning to lift the restrictions in any near time until certain stringent condition is met.

What is the condition that must be met before CBN will start planning to relax the policy?

From the report, we were told that the  country’s current foreign exchange reserve has dropped to an all-time low of $29billlion and that before CBN will start talking of lifting the current restriction placed on ATM card usage abroad and foreign transactions, that the country must build the foreign reserve to the tune of $50billion.

Must Read: How to open a GTbank domiciliary  account

Now looking at that condition and with the continuous free fall of crude oil price in the international market, it is certain that the end in sight to lift the prohibition is no way near, and online business owners should at the point just brace themselves up and seek for the available alternative means of carrying out their activities with less hitches.

Meanwhile, on one of our previous articles based on this matter, we have highlighted the numerous alternative channels that will be available for free flow transactions after the policy takes off fully by next year.