Nigeria: Furore Over CBN's Directive On Trapped ATM Cards

A directive by the Central Bank of Nigeria (CBN) on trapped Automated Teller Machine (ATM) cards has been drawing the ire of bank customers who use the cards.

The apex bank's Banking and Payment System Department had recently released a 14-page guideline on card issuance to banks across the country, directing that any trapped card in the ATM should be rendered unusable or ineffective by perforating it. With the directive compelling affected bank customers to obtain new ATM cards and paying a charge, the customers on the receiving end of it are not finding it funny at all.

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