After nearly three years of suspension due to foreign exchange (FX) constraints, Nigerian banks have begun to resume international transactions on naira-denominated debit cards a move that marks a major turnaround in the nation’s financial landscape.
Leading the charge are United Bank for Africa (UBA) and Wema Bank, both of which recently announced that customers can now use their naira Mastercard or Visa debit cards for international payments, including online shopping, POS transactions, and ATM withdrawals across global platforms.
This development follows significant improvements in Nigeria’s foreign exchange market, offering renewed confidence to banks and customers alike.
UBA and Wema Bank Pioneer International Transactions With Naira Cards
In official communications to customers, UBA announced that all Premium Naira Cards including Gold, Platinum, and World variants are now active for global usage.
“You can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world,” the bank stated. This feature brings more flexibility and convenience to Nigerian customers who regularly engage in global transactions.
Similarly, Wema Bank issued a statement notifying users that:
“Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms—Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
This marks the first time since 2021 that Nigerian banks are enabling such services on local naira cards without the need for domiciliary (dollar) accounts.
Why Banks Are Resuming International Naira Transactions
The resumption of international naira card usage is largely attributed to recent stability in Nigeria’s foreign exchange market.
According to Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co., several factors have encouraged the banks’ decisions:
- Improved FX liquidity in the official market
- A reduction in the gap between the official and parallel market rates
- Fewer opportunities for currency arbitrage
Olubunmi noted that the narrowing of exchange rate differentials and enhanced policy measures by the Central Bank of Nigeria (CBN) have bolstered confidence among banks, allowing them to reintroduce global transaction services to their customers.
Background: Why International Naira Card Usage Was Suspended
Nigerian banks began suspending international transactions on naira cards between late 2021 and mid-2022 amid a severe foreign exchange crisis. At the time, FX scarcity made it difficult for banks to settle dollar-denominated transactions. Several banks including GTBank, Zenith Bank, Access Bank, First Bank, and others reduced international card limits to zero, effectively cutting off global payment access for millions of Nigerians.
This forced consumers to rely on domiciliary accounts, virtual dollar cards, or foreign payment platforms to complete transactions abroad.
Benefits for Consumers and the Nigerian Economy
The resumption of international naira card services presents numerous economic and consumer advantages:
- Easier access to global platforms like Netflix, Amazon, YouTube, and Spotify
- Reduced reliance on costly virtual dollar cards or black-market currency exchanges
- Greater support for freelancers, international students, and remote workers who transact across borders
- Boost to Nigerian e-commerce and digital trade by enabling smoother cross-border payments
In the broader economic context, this decision reflects a rebuilding of confidence in Nigeria’s FX market, signaling a possible stabilization of financial systems and more coherent currency policies.
