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CBN, NIBSS Partner To Launch National Domestic Card Scheme In January 2023

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The Central Bank of Nigeria (CBN) will, in partnership with Nigerian Inter-Bank Settlement System (NIBSS), launch the National Domestic Card Scheme (NDCS) on January 16, 2023.

The CBN Governor, Godwin Emefiele disclosed this at the Chartered Institute of Banker of Nigeria (CIBN) bankers’ dinner in Lagos.

According to him, the scheme will not only lower operating costs for banks incurring huge charges for foreign card schemes, but will also reduce the huge foreign exchange commitments associated with operating foreign card schemes.

Emefiele, who presented outlook for the nation’s economy in 2023, said Nigerians must embrace the new Naira notes, stressing that the decision to redesign the higher denomination notes was made in the best interests of the country.

He also said combating oil theft remains a critical element in building strong foreign exchange reserves and achieving a stable Naira exchange rate.

The CBN governor forecasted a drop in inflation to less than 15 percent in 2023, as well as positive economic growth.

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