Leading Nigerian banks have reinstated international transactions on their naira-denominated debit cards, ending a multi-year suspension that restricted customers from using naira cards for cross-border payments.
The move is expected to enhance convenience for millions of retail and corporate customers while signalling renewed confidence in Nigeria’s foreign exchange (FX) market stability.
UBA, Wema Bank, and Guaranty Trust Bank (GTBank) are among the first to officially confirm the resumption of dollar transactions on naira cards following improved FX liquidity and a narrower spread between official and parallel market rates.
United Bank for Africa (UBA) disclosed that holders of its Premium Naira Debit Cards — including Gold, Platinum, and World variants — can now carry out global online transactions, make purchases at international Point-of-Sale (POS) terminals, and withdraw cash at overseas ATMs.
Similarly, Wema Bank announced that its Naira Mastercard is now enabled for international payments, allowing customers to pay for goods and services on global platforms such as Amazon, Netflix, Spotify, YouTube, and other cross-border e-commerce sites without needing a domiciliary account.
Guaranty Trust Bank (GTBank) also reinstated cross-border card payments with specific spending limits. GTBank cardholders can now spend up to $1,000 quarterly on international transactions, including ATM withdrawals of up to $500 abroad.
The restoration of global payment capability comes after years of restrictions imposed by banks due to Nigeria’s acute FX scarcity between 2022 and 2023. The previous suspensions forced individuals and businesses to seek alternatives, including prepaid dollar cards and third-party digital payment solutions.
Market analysts attribute the banks’ decision to resumed dollar transactions to recent improvements in Nigeria’s FX supply, supported by increased diaspora remittances, FX backlog clearance, and policy measures aimed at stabilising the naira.
The Central Bank of Nigeria (CBN) has stepped up interventions to ease dollar shortages, which previously compelled banks to ration FX and limit card usage abroad.
With this policy shift, naira cardholders can now shop on international e-commerce platforms, pay for digital subscriptions, and withdraw foreign currency directly using their local accounts. For students studying abroad, freelancers, and SMEs engaged in cross-border trade, the reinstatement offers greater payment flexibility and cost savings compared to operating domiciliary accounts.
Industry experts believe other lenders are likely to follow suit if FX conditions continue to improve. The resumption is also expected to ease pressure on the parallel market by encouraging official channels for low-to-medium value transactions.
For now, banks have advised customers to monitor applicable spending limits and foreign exchange conversion rates, as each institution may maintain different ceilings and fees in line with internal FX management policies.
The development marks a key step toward normalising Nigeria’s international banking services and restoring public confidence in the local currency’s cross-border functionality.
Analysts say the policy reversal demonstrates that banks are cautiously optimistic about the naira’s medium-term stability and the broader macroeconomic outlook.
Industry stakeholders expect that restoring seamless international payment channels will boost financial inclusion, facilitate legitimate global trade, and attract new foreign investment to the country’s digital payment ecosystem.
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