Nigerian Banks Resume International Transactions on Naira Cards
Two major Nigerian banks — United Bank for Africa (UBA) and Wema Bank — have announced the resumption of international transactions on their naira debit cards, marking a significant shift nearly three years after such services were suspended due to foreign exchange (FX) constraints.
UBA, in a message to customers, stated that all Premium Naira Cards — including Gold, Platinum, and World variants — are now enabled for global use. “You can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world,” the bank said, adding that customers can enjoy more ease and flexibility.
Wema Bank made a similar announcement: “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 move follows recent improvements in Nigeria’s FX market.
Ayokunle Olubunmi, head of financial institutions ratings at Agusto & Co, attributed the decision to increased FX liquidity, a reduced gap between official and parallel market rates, and fewer arbitrage opportunities.
Charles Sanni, CEO of Cowry Treasurers, added that high interest rates have discouraged currency speculation, while the naira has appreciated against major currencies. He also pointed to increased diaspora remittances, improved investor confidence in FX management, and CBN policies that allow account openings for non-resident Nigerians.
Sanni further cited other positive developments, including Nigeria’s improved credit rating, clearance of FX backlogs, the introduction of a new trading platform, rising oil prices, and better bank capitalisation.
Previously, from mid-2022 to early 2023, several banks and fintech platforms had halted international naira card transactions due to dollar shortages.
The recent resumption by UBA and Wema signals renewed confidence in Nigeria’s financial system and FX stability.
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