A multi-factor authentication system must be implemented for foreign card transactions exceeding $200 daily, $500 weekly, or $1,000 monthly. ATM withdrawals must adhere to approved cash limits, and exchange rates must be clearly communicated to users based on the prevailing official rate. Transactions should only proceed after user consent, with evidence retained.
Banks must maintain sufficient liquidity to settle transactions in naira and monitor for unusual foreign card activity. Enhanced KYC and AML controls are required for merchants processing foreign card payments. Merchants must ensure signed transaction receipts and request ID for suspicious transactions.
Contactless payment options must be available for low-value transactions, and consumer complaints should be resolved within approved timelines. Chargeback processes must be robust, with transaction records stored for at least 12 months and retrievable within 24 hours. Quarterly merchant training on dispute handling is also mandated.
Suspicious transactions must be reported to the Nigeria Financial Intelligence Unit, and fraud-monitoring systems should minimize false declines. Tourists and Nigerian returnees facing issues with foreign cards are encouraged to report complaints to the CBN’s Consumer Protection Department via the provided email (complaint4cbn@cbn.gov.ng)
