After nearly three years of suspension, Nigerians have regained the ability to use their naira debit cards for international transactions, which promises to ease payments for global services and online shopping.
This announcement was made public on Friday, as leading banks confirmed the lifting of restrictions in place since early 2023.
Banks resume international transactions on naira cards
The suspension of international transactions on Naira cards began in 2022 due to severe foreign exchange shortages and efforts to conserve Nigeria’s dwindling dollar reserves.
Under the previous administration, Nigerians could not use their local currency cards to pay for services on platforms like Amazon, Apple subscriptions, or cloud services, forcing many to rely on virtual dollar cards as a workaround.
However, the Central Bank of Nigeria (CBN), led by Governor Yemi Cardoso, has lifted these restrictions following improved forex liquidity and a more stable exchange rate.
The CBN’s liberalisation of the foreign exchange market has officially allowed the Naira to maintain a stable rate around N1,540 to the dollar, with the parallel market close behind at N1,560.
This stability has encouraged banks to restore international payment capabilities on Naira cards.
Several major banks, including Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), Wema Bank, Access Bank, and Zenith Bank, have reactivated international transactions on their naira debit cards.
GTBank informed customers that there is now a quarterly limit of $1,000 for all international transactions, including online purchases, point-of-sale payments, and ATM withdrawals abroad, which are capped at $500 per quarter.
What does this mean for Nigerian consumers
The resumption of international transactions on naira cards is expected to bring convenience and flexibility for Nigerians who frequently engage in cross-border payments. UBA announced that all its Premium Naira Cards, Gold, Platinum, and World variants are now enabled for worldwide use, allowing cardholders to shop online, make POS payments, and easily withdraw cash internationally.
Wema Bank also confirmed that customers can now “pay in dollars” using their Naira cards, signalling a return to normalcy for international banking services that were disrupted for years.
This development is seen as a positive step in enhancing banking services and supporting Nigerians’ access to global markets without needing foreign currency accounts or virtual cards.
The $1,000 quarterly limit imposed by banks aims to balance customer convenience with the need to manage foreign currency outflows responsibly.
This measure reflects ongoing efforts by the government and the CBN to maintain forex stability while gradually restoring international financial services for Nigerians.
This change marks a turning point in Nigeria’s banking sector, restoring a vital link for consumers and businesses that depend on international transactions for everyday activities.