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In a significant development for Nigeria’s financial and digital commerce landscape, several banks have announced the reinstatement of international transactions on Naira-denominated debit cards, marking the end of a three-year suspension that began amid a severe foreign exchange (FX) crisis.
Leading the announcements, United Bank for Africa (UBA) and Wema Bank notified their customers that Naira debit cards are now enabled for international use, allowing seamless transactions for online shopping, subscriptions, ATM withdrawals, and point-of-sale (POS) payments abroad.
The policy reversal is seen as a major relief for individuals and businesses that had faced challenges since 2022, when Nigerian banks halted international card usage due to a debilitating FX shortage. At the time, institutions such as Standard Chartered, First Bank, GTBank, Zenith Bank, and fintech platforms like Flutterwave suspended foreign transactions on Naira cards to manage limited dollar liquidity. This disrupted cross-border commerce, constrained access to global services, and intensified operational difficulties for SMEs and individuals reliant on international payments.
FX Market Improvements Drive Policy Shift
The resumption of card-based international transactions follows notable improvements in Nigeria’s FX environment. Analysts attribute the shift to a series of stabilizing factors, including:
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Enhanced FX liquidity and reduced parallel market premiums;
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Strengthening of the Naira against major currencies;
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Growing diaspora remittances;
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Reforms introduced by the Central Bank of Nigeria (CBN), including FX backlog clearance, the deployment of a digital FX trading platform (B-Match), and improved monetary transparency.
These developments have restored investor and consumer confidence, creating a more enabling environment for banks to resume dollar-based transactions using Naira accounts.
Expanded Access and Renewed Convenience
UBA, in its customer communication, stated that all its Premium Naira Cards—including Gold, Platinum, and World variants—are now activated for international payments. The bank encouraged cardholders to take advantage of the renewed access for global transactions across ATMs, online platforms, and retail outlets worldwide.
Wema Bank echoed the announcement, confirming that customers can now use their Naira cards for payments in USD on leading platforms such as Amazon, Netflix, AliExpress, eBay, Spotify, and YouTube. This change promises convenience for millions of Nigerians previously reliant on workarounds, such as domiciliary accounts or virtual dollar cards, to meet cross-border spending needs.
A Boost for Digital Trade and Financial Inclusion
The return of Naira card international functionality is expected to fuel digital commerce, streamline global business operations, and improve financial inclusion for Nigerian consumers and entrepreneurs. Small businesses that depend on digital tools, international logistics, and software subscriptions now have a simplified pathway to transact globally, while everyday users can once again access international e-commerce and entertainment services without restriction.
As banks resume these services, the move signals growing macroeconomic stability and renewed optimism in Nigeria’s monetary system. It also reflects the impact of targeted fiscal and regulatory reforms aimed at deepening market confidence and easing barriers to global financial access.
With this development, millions of Nigerians—both at home and in the diaspora—are poised to benefit from greater flexibility, restored trust in banking services, and enhanced participation in the global digital economy.
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