We Can't Reverse Ban On ATMCard Use Abroad- CBN

  

The Central Bank of Nigeria CBN said it has no power to reverse the restriction place on the use of Automated Teller Machines Card abroad by Deposit Money Banks DMD,but it support the decision because it help to reduce the pressure on the Naira.
The CBN said the ban on the use of the ATM cards Abroad is due to scarcity of foreign exchange.
Mr Moses Tule,The Director of Monetary Policy Department, CBN who said this to Journalist in Abuja explained that the restriction might continue until the Federal Government increase its foreign exchange earning,adding that if the Banks had not taken that decision some would have been facing challenges meeting up with overseas demand of their customers.