The Central Bank of Nigeria, CBN, has introduced fresh measures aimed at improving the reliability and security of foreign-issued payment card usage across the country, directing banks and other financial institutions to adopt multi-factor authentication for such transactions.

The new directive was conveyed 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.

Addressed to all deposit money banks and non-bank financial institutions, the circular, titled “Facilitation of Seamless Use of Foreign Cards,” stipulates that multi-factor authentication must be applied to all withdrawals and online transactions above daily, weekly, and monthly thresholds of $200, $500, and $1,000 respectively, or their naira equivalents.

According to the apex bank, the policy is designed to strengthen transaction security while enhancing the payment experience for tourists and Nigerians returning from the diaspora.

The CBN noted that the initiative seeks to boost convenience, safety, and overall user confidence in the use of foreign-issued cards nationwide.
Under the new framework, banks and non-bank acquirers are required to ensure seamless access to local currency withdrawals, payments, and transfers for holders of foreign cards across Nigeria.

Institutions must also maintain high system uptime to prevent service disruptions during transaction processing.
The CBN further directed that all automated teller machines, point-of-sale terminals, and online payment platforms be properly configured to accept international cards routed through Nigerian acquirers.

These platforms must fully comply with global card association standards and possess the appropriate certifications or recertifications to guarantee smooth transaction processing.

In addition, all settlements arising from foreign card transactions are to be conducted strictly in naira, with financial institutions expected to maintain adequate liquidity to meet settlement obligations promptly.

To curb fraud, the regulator mandated the deployment of advanced transaction-monitoring systems capable of identifying unusual or suspicious usage patterns involving foreign cards. Merchants accepting foreign card payments are also to be subjected to enhanced know-your-customer and anti-money laundering requirements.

Where necessary, merchants must request valid identification and ensure that card-present transaction receipts are duly signed.

Any transaction deemed suspicious must be reported without delay to the Nigerian Financial Intelligence Unit, in line with existing regulatory requirements.

The CBN also emphasised the need for transparency in pricing. Banks and acquirers are required to clearly disclose applicable exchange rates and charges to customers before transactions are completed.

Exchange rates must be market-based, aligned with the prevailing official rate, and fully disclosed upfront. Transactions are to proceed only after customers have expressly accepted the terms, with proof of such consent properly documented.

As part of merchant capacity building, acquirers are mandated to conduct quarterly training sessions for merchants and agent networks on dispute resolution and chargeback management.

The apex bank warned that consumer complaints related to foreign card transactions must be resolved within stipulated timelines, stressing that unresolved cases escalated to the CBN would attract appropriate sanctions.

Tourists and returning Nigerians who encounter difficulties using foreign-issued cards were advised to lodge complaints with the CBN’s Consumer Protection and Financial Inclusion Department.

To further improve user experience, especially for visitors, financial institutions were instructed to recalibrate their fraud-monitoring systems to reduce unnecessary declines of legitimate foreign card transactions. For low-value payments, card acceptance devices must also support contactless payment options.

The circular equally introduced stricter requirements for chargeback and dispute management.

Acquirers are to establish auditable chargeback processes consistent with card scheme rules and CBN guidelines, covering timely case handling, evidence gathering, refunds, and post-incident reviews.

Transaction records, including terminal approval slips, signed receipts, and descriptions of goods or services, must be retained for a minimum of 12 months and made available within 24 hours upon request.

Photo caption: A photograph shows the Military Head of State, General Ibrahim Babangida, at the centre, flanked by General Sani Abacha on the right and General Abba Abdulkadir on the left.

The night of April 22, 1990 stands as one of the most dramatic and perilous moments in Nigeria’s post independence military history. In the late hours of that night, a group of coup plotters launched a violent and carefully coordinated attempt to overthrow the government of General Ibrahim Babangida.

Gunfire echoed across strategic locations in Lagos, radio broadcasts announced a supposed change of government, and uncertainty gripped the nation as Nigerians awoke to the sound of chaos.

At the heart of the crisis was the safety of the Head of State himself. The coup attempt was bold and ruthless, targeting not only key military installations but also the nerve centre of political power. In the confusion of the fighting, General Babangida suffered a deeply personal loss with the death of his Aide de Camp, Lt Col UK Bello, who was killed while performing his duty in the line of fire. His death underscored the gravity of the moment and the real danger confronting the regime.
It was during these critical hours that General Sani Abacha emerged as the central figure in the defence of the government.

Calm, resolute and uncompromising, Abacha took decisive control of loyal troops and countered the advances of the coup plotters. His actions helped secure the seat of power and ensured the survival of the Commander in Chief at a time when the balance could easily have tipped the other way. By the early hours of the morning, the coup had been effectively crushed, and the authority of the Babangida government was restored.

Beyond saving the regime, the events of that night forged a powerful bond between Babangida and Abacha. The loyalty Abacha displayed under fire left a lasting impression on the Head of State. In recognition of his role, courage and steadfastness, Babangida later promoted Sani Abacha to the rank of full four star General. This promotion was historic and unprecedented in Nigeria’s military tradition.

For the first time in the country’s history, a serving officer held the full rank of General while another officer remained the sitting Head of State. The decision signaled not only personal gratitude but also immense trust, elevating Abacha to a position of exceptional influence within the military hierarchy.

The night of April 22, 1990 therefore occupies a unique place in Nigeria’s story. It was a night of bloodshed and loss, marked by the sacrifice of officers like Lt Col UK Bello. It was also a night that reshaped power relations within the armed forces, cemented alliances at the highest level and set the stage for future developments that would profoundly affect the nation. Loyalty was tested in fire, and in its aftermath, history took a decisive turn.

The family of late former Nigerian president, Muhammadu Buhari has revealed how some close associates and aides allegedly influenced government decisions during his tenure.

In a new biography, From Soldier to Statesman: The Legacy of Muhammadu Buhari, written by Charles Omole and launched in Abuja, Buhari’s family, including his wife Aisha and children, alongside former senior officials, shared accounts of how certain individuals controlled access to the president and issued directives to government officials without his direct approval.

According to Premium Times, the book explains that this inner circle, which included Buhari’s relative Mamman Daura, his associate Isa Funtua, and his Chief of Staff Abba Kyari, shaped key decisions, from security matters to financial transactions and appointments.

While Daura and Funtua held no official roles, they were reported to have had considerable influence over Buhari, and Kyari’s position as Chief of Staff allowed him to reinforce their directives.

Fatima Buhari, one of the president’s daughters, revealed that she discovered forged documents bearing her father’s signature and noted that speeches and official orders were sometimes altered without his knowledge.

In one incident, a speech delivered in the United States had been changed without Buhari’s approval, reflecting the level of control exerted by the aides.

Former officials, including a past police chief, confirmed that instructions circulated as presidential orders were often not authorized by Buhari.

This practice extended to security operations, appointments, and even foreign exchange matters involving the Central Bank of Nigeria, causing delays and confusion in governance.

Babagana Monguno, former National Security Adviser, recounted clashes with Kyari and Daura, who reportedly blocked funds even after Buhari had approved them, affecting the functioning of the NSA office.

The book described Buhari as a leader who trusted long-time associates and avoided public confrontations, creating room for misuse of authority.

Buhari’s children frequently acted as intermediaries, presenting facts and correcting misinformation to ensure their father was aware of key issues.

The biography provides a detailed look at the inner workings of Buhari’s administration and the influence of personal networks on governance.