Nigerian banks have begun reinstating the ability to perform international transactions using Naira-denominated debit cards, providing much-anticipated relief for customers. This move, which comes after a nearly three-year suspension, means Nigerians can once again make payments on global platforms like Spotify, Netflix, Apple subscriptions, Twitter Premium, and for international shopping.
The previous restrictions, implemented around 2022, were a direct consequence of significant foreign exchange (FX) pressures, acute dollar shortages, and escalating demand for foreign currency, particularly in the period leading up to the 2023 general elections. During that time, major Tier-1 banks including Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), Access Bank, Zenith Bank, First Bank, and Ecobank had all ceased international card transactions.
Now, several institutions are confirming the reactivation of international spending on their Naira cards. Notable among them are GTBank, Wema Bank, and UBA.
In an email communication to its customers on Friday, GTBank announced: “Dear customer, we are pleased to inform you that you now have a quarterly limit of $1,000 on your GTBank Naira Card to pay for all your favourite things anywhere in the world.” The bank further clarified that this limit applies across all transaction types outside Nigeria, including online payments, point-of-sale (POS) purchases, and ATM withdrawals. Specifically, up to $500 of the $1,000 quarterly limit can be accessed through ATMs.
Similarly, UBA conveyed to its customers that its Premium Naira Cards, encompassing Gold, Platinum, and World variants, are now re-enabled for global use. “You can now use your Premium Naira Card for everyday payments, online shopping, PoS, and ATM transactions across the world, with more ease and flexibility,” UBA’s message stated.
Wema Bank also confirmed that its Naira Mastercard, Visa, and ALAT cards now facilitate international transactions. "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,” the bank communicated, highlighting the expanded convenience for its users.
This resumption of services signals a positive step towards easing financial access for Nigerians and potentially indicates a stabilization in the country's foreign exchange market.
