Wema bank has become to first bank in Nigeria to lift suspension of international transaction on Naira debit cards. This means that customers can now use the Wema Bank Naira debit cards to make payment for international transactions either offline or online.
In the first quarter of 2022, many of the commercial banks in the country reduced the limit on the international transactions to around $50. In August/September of the same year, most banks suspended the use of the Naira debit card for the payment of foreign denominated transactions.
This suspension was likely due to the foreign exchange scarcity in the country.
According to a statement from Wema bank, “It’s time to enjoy seamless transactions and make purchases internationally. You can now use your Naira cards, including Mastercard, ALAT Mastercard, and Visa, for international spending.”
The bank has however imposed a $500 monthly limit on the Naira debit card.
“Your Naira card gives you the convenience of making payments in foreign currencies, eliminating the need for currency conversion or carrying excess cash. It’s a hassle-free and secure way to shop and transact abroad,”
The recent development takes place in the context of President Bola Tinubu’s endeavors to unify the multiple exchange rates in Nigeria, aiming to attract investors to the economy. On June 14, the Central Bank of Nigeria made an announcement to consolidate all segments of the Nigerian forex market, merging them into the Investors & Exporters (I&E) window.
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