The Central Bank of Nigeria has instructed all banks and financial institutions to implement multi-factor authentication for foreign card transactions exceeding $200 per day.

The move is part of new measures aimed at enhancing the seamless use of foreign-issued payment cards in Nigeria.

The directive appears in a circular dated December 18, 2025, issued by the CBN’s Financial Policy and Regulation Department and signed by its Director, Dr. Rita I. Sike.

Titled “Facilitation of Seamless Use of Foreign Cards,” the circular is addressed to all banks and non-bank financial institutions.

According to the CBN, the new requirement applies to all withdrawals and online transactions exceeding $200 per day, $500 per week, or $1,000 per month—or their naira equivalents.

The measure is designed to strengthen transaction security while enhancing the experience of tourists and Nigerians returning from the diaspora.

The apex bank said the initiative forms part of its broader efforts to improve convenience, security, and overall user experience for foreign card transactions across Nigeria.

The circular directs all banks and non-bank financial institutions to “implement multi-factor authentication for all withdrawals and online transactions exceeding $200 per day, $500 per week, and $1,000 per month—or their naira equivalent.”
It also instructs banks and non-bank acquirers to ensure uninterrupted and efficient local currency withdrawals, payments, and transfers for users of foreign-issued cards across Nigeria.

In addition to the multi-factor authentication requirement, financial institutions are required to maintain high system availability to ensure seamless and uninterrupted transaction processing.

All ATMs, point-of-sale terminals, and virtual or web-based payment platforms must be properly configured to accept international cards routed through Nigerian acquirers.