In a major development for Nigeria’s banking sector, several banks have resumed international transactions on naira-denominated cards, nearly three years after such services were suspended. United Bank for Africa (UBA), Wema Bank, and Guaranty Trust Bank (GTBank) have confirmed that their naira cards are now enabled for global payments, signaling a significant shift in foreign exchange (FX) policy and service delivery.
According to official announcements, this move reflects the banks’ commitment to providing more seamless and enhanced banking experiences for their customers.
UBA disclosed that all its Premium Naira Cards, including Gold, Platinum, and World variants, are now active for international use. Customers can carry out global purchases, online transactions, POS payments, and ATM withdrawals with increased ease and flexibility.
Similarly, Wema Bank stated that its customers can now “pay in dollars” with their naira cards on major international platforms including Amazon, eBay, AliExpress, Netflix, Spotify, and YouTube.
GTBank also resumed international spending on naira cards, introducing a quarterly limit of $1,000. This includes $500 for ATM withdrawals and $1,000 for online and POS transactions.
The suspension of international payments via naira cards began in mid-2022 and was primarily triggered by persistent foreign exchange shortages, which placed immense pressure on Nigeria’s financial institutions and economy. Between July 2022 and January 2023, several banks—such as Standard Chartered, First Bank, GTBank, and Zenith Bank—halted these services. Fintech firms including Flutterwave and Eversend also discontinued their virtual card offerings for international use during this period.
Why Nigerian Banks Are Resuming International Transactions
Financial analysts highlight some key drivers behind this policy reversal:
- Improved FX Liquidity: The availability of foreign exchange in the official market has increased.
- Reduced Exchange Rate Disparity: A narrowing gap between the official and parallel market rates has discouraged arbitrage activity.
- Higher Diaspora Remittances: Stronger inflows from Nigerians abroad have strengthened the country’s FX reserves.
- Renewed Confidence in FX Policy: Reforms by the Central Bank of Nigeria (CBN) have reassured market participants.
- Stronger Naira: Currency appreciation, supported by rising oil revenues and structural economic reforms, has also played a role.
For UBA, all Premium Naira Cards (Gold, Platinum, World) now support international transactions.
Wema Bank's Mastercard, ALAT Mastercard, and Visa cards are enabled for global spending, with a monthly cap of $500.
GTBank's quarterly international transaction limit of $1,000, broken down as $500 for ATM withdrawals and $1,000 for online/POS usage.
This development brings relief to millions of Nigerians who rely on naira cards for international purchases, streaming subscriptions, tuition payments, and business transactions. The ability to make global payments directly from naira accounts offers greater convenience, control, and accessibility, particularly in an increasingly digital economy.
The reinstatement of international transactions on naira cards marks a positive turning point in Nigeria’s financial services sector. As FX liquidity improves and policy reforms gain traction, more banks are expected to follow suit. This renewed capability is set to boost confidence in Nigeria’s FX regime and support broader economic recovery.
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