In July 2025, Nigerian banks reinstated naira debit cards for international use after a three-year pause. The move, enabled by foreign exchange reforms and improved liquidity, brings relief to consumers, businesses, and the diaspora while signaling renewed confidence in Nigeria’s economy and banking sector.
After nearly three years of suspension, Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a major shift for millions of customers and the broader economy. The suspension, which began in 2022, was triggered by a severe foreign exchange (FX) crisis, forcing banks to halt cross-border card usage as dollar shortages and economic uncertainty intensified.
During this period, Nigerians were unable to pay for international services such as streaming subscriptions, online shopping, and tuition, pushing many to rely on costly alternatives like virtual dollar cards or domiciliary accounts.
The resumption, announced in July 2025, comes as FX liquidity has improved and confidence in Nigeria’s monetary policy has grown.
Leading banks—including GTBank, UBA, Wema Bank, First Bank, and Providus Bank—have reactivated global access on their naira cards, though with new spending limits and varying caps depending on the bank and card type.
For example, GTBank set a $1,000 quarterly limit for international transactions, with ATM withdrawals abroad capped at $500 per quarter. Some customers, however, have reported higher limits, suggesting that banks may be using account type or transaction history to set thresholds, though the criteria remain undisclosed.
UBA’s reactivation currently applies to its Premium Naira Cards, now usable globally for online, POS, and ATM transactions. Wema Bank has also enabled its Mastercard, Visa, and ALAT cards for payments on major international platforms, including Amazon, Netflix, and Spotify.
This policy reversal is attributed to several factors: the Central Bank of Nigeria’s reforms, narrowing of the gap between official and parallel exchange rates, increased diaspora remittances, and a more stable naira.
Financial experts note that the appreciation of the naira, improved FX inflows, and the clearing of FX backlogs have contributed to banks’ confidence in restoring international card access.
For consumers, the change restores the ability to pay directly for global services and subscriptions, reducing dependence on informal FX markets and costly fintech workarounds.
Businesses, especially SMEs and e-commerce startups, can now transact more efficiently with foreign partners and platforms, potentially boosting growth and investment. The move is also expected to encourage other banks to follow suit, as competitive pressures mount in Nigeria’s dynamic financial sector.
Overall, the reinstatement of international naira card transactions signals renewed trust in Nigeria’s FX market and banking system, offering relief and expanded opportunities for individuals and businesses alike.
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