CBN bans the use of ATM card abroad

The Central Bank of Nigeria has banned the use of Naira denominated ATM cards abroad.
In a circular passed to all commercial banks within the country on Monday December 21 2015, the CBN ordered commercial banks to stop customers from using their debit and credit cards outside the country, a directive which takes effect from January 1 2016 in a move which the CBN Governor says will stem the flow of foreign currency out of the country.
Nigerian cards are being rejected already.
Foreign online retailers have already started rejecting cards issued by Nigerian banks as there have been complaints by citizens who have tried to make purchases but have been turned down.
Increase in demand is obvious
Bitcoin exchangers within the country are already experiencing some difficulty in meeting with the demand for the cryptocurrency due to higher demand in recent times.
Victor Yerima is the CEO of Africash International, an e-currency exchange outfit in Kaduna, speaking on the impact of the recent ban by the CBN, Victor say, “There is already a high demand in the market for BitcoinCT r: 11 that we the exchangers can hardly meet, I wonder what will happen after January 1 2016”.