In a significant development, Nigerian banks have announced the resumption of international transactions on naira-denominated cards. United Bank for Africa (UBA), Wema Bank, and Guaranty Trust Bank (GTBank) have confirmed that their naira cards are now enabled for global payments—marking a major shift after nearly three years of suspension.
Details of the Resumption
According to the banks, the decision aligns with their commitment to providing seamless and enhanced banking services. UBA announced that all its Premium Naira Cards—including Gold, Platinum, and World variants—are now active for international transactions. Customers can use their cards for everyday purchases, online shopping, POS transactions, and ATM withdrawals globally with greater ease and flexibility.
Wema Bank also revealed that customers can now “pay in dollars” with their naira cards on international platforms such as Amazon, eBay, AliExpress, Netflix, Spotify, and YouTube.
GTBank, meanwhile, introduced a quarterly limit of $1,000 on its naira cards for international transactions. The breakdown includes $500 for ATM withdrawals and $1,000 for online and POS purchases.
Background to the Suspension
The initial suspension of international transactions on naira cards was driven by a prolonged foreign exchange (FX) scarcity that threatened the survival of key sectors. Between July 2022 and January 2023, several banks—including Standard Chartered, First Bank, GTBank, and Zenith Bank—suspended such services. Fintech platforms like Flutterwave and Eversend also halted their virtual card services for international use during this period.
Reasons Behind the Resumption
Financial analysts attribute the resumption to several positive developments:
- Improved FX Liquidity: Increased availability of foreign exchange in the market.
- Narrower Exchange Rate Gap: The reduced disparity between official and parallel market rates has curbed arbitrage.
- Increased Diaspora Remittances: Higher inflows from Nigerians abroad have bolstered FX reserves.
- Restored Confidence in FX Policy: Ongoing reforms by the Central Bank of Nigeria (CBN) have reassured stakeholders.
- Stronger Naira: The naira has gained strength, aided by economic reforms and rising oil revenues.
Bank-Specific Transaction Limits
Here are the current limits set by the banks:
- UBA: All Premium Naira Cards (Gold, Platinum, World) are enabled for international use.
- Wema Bank: Mastercard, ALAT Mastercard, and Visa cards now support global spending, with a monthly cap of $500.
- GTBank: Quarterly international limit of $1,000—split as $500 for ATM and $1,000 for online/POS transactions.
Impact on Customers
The return of international payment capabilities on naira cards offers relief to millions of Nigerians who depend on them for e-commerce, international subscriptions, academic fees, and cross-border business payments. Customers can now enjoy more flexibility, convenience, and financial control.
Conclusion
The reinstatement of international transactions on naira cards marks a turning point in Nigeria’s financial landscape. As FX liquidity improves and policy reforms take root, more banks are expected to re-enable these services. This development is poised to enhance confidence in Nigeria’s FX management system and support broader economic recovery.
