The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, Thursday launched the Nigerian National Domestic Card scheme that will among other things, avail Nigerians the sovereignty of their data, lower costs of transactions, and address challenges in foreign exchange usage.

Emefiele said at a time when foreign exchange challenges persist globally, all card and online transactions would go on the domestic card scheme with immediate effect.

The domestic card system which presents a critical moment in the development of Nigeria’s payment system is also expected to reduce the exploitations associated with cash handling.

Speaking at the virtual launch of the card, the CBN governor, pointed out that going forward, all domestic transactions conducted in Nigeria would have to be done through the Nigerian domestic card as charges on foreign cards are in dollars.