As part of new measures to improve the seamless use of foreign-issued payment cards in Nigeria, the Central Bank of Nigeria has directed all banks and other financial institutions to implement multi-factor authentication for foreign card transactions.
The directive was contained 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.
The circular, addressed to all banks and non-bank financial institutions, is titled “Facilitation of Seamless Use of Foreign Cards”, noted that the new requirement applies to all withdrawals and online transactions above $200 daily, $500 weekly, and $1,000 monthly, or their naira equivalents.
It added that the development is aimed at strengthening transaction security while improving the experience of tourists and Nigerians returning from the diaspora, and to enhance convenience, security, and user experience in foreign card usage across Nigeria.
The circular mandates that all banks and non-bank financial institutions should “implement multi-factor authentication for all withdrawals and online transactions exceeding $200 per day, $500 per week, and $1,000 per month (or its equivalent).”
