BREAKING: CBN Bans Dollar Charges on Domestic Transactions

The Central Bank of Nigeria (CBN) has launched the Nigerian National Domestic Card Scheme, Afrigo.

Launching the card virtually, this morning, the Governor of the Central Bank of Nigeria, Godwin Emefiele, said that transaction charges on all cards would henceforth be paid in naira, except for international transactions.

According to him, Afrigo would be cheaper and would be a matter of national pride, with the potential to boost financial inclusion.

Similarly, the Apex bank has stated that it is on top of the issues around inflationary pressures in the economy.

Speaking at the 2023 Vanguard National Economic Discourse held in Lagos yesterday, CBN Governor, Mr Godwin Emefiele, acknowledged the concerns raised by participants at the event over the effects of the monetary policy stance of the apex bank’s inflation-targeting policy on the economy.

Represented by Mr Bariboloka Koyor, Lagos Branch Controller of CBN, Emefiele stated: “We are keeping our eyes on the indices as they are going and it is our responsibility to bring in the necessary controls and the regulations that we believe will be able to address all the issues.

“Inflation like we know at the moment is a little bit on the high side but we have taken policies and stance to moderate it.”