NIGERIAN BANKS RESUME INTERNATIONAL TRANSACTIONS ON NAIRA DEBIT CARDS AFTER 3-YEAR BREAK
In a major development for millions of Nigerian bank customers, several leading commercial banks have resumed international transactions on Naira-denominated debit cards, ending a suspension that lasted nearly three years.
Banks such as United Bank for Africa (UBA), Wema Bank, Guaranty Trust Bank (GTBank), and others have restored access for customers to make payments on global platforms, a move widely welcomed by individuals, freelancers, and small business owners who rely on international services.
The reinstatement means that customers can now use their regular Naira debit cards to pay for services such as Netflix, Amazon, Spotify, Apple Music, international flights, domain registrations, and more, without needing to obtain dollar cards or source foreign currency elsewhere.
The suspension, initially triggered by foreign exchange scarcity and regulatory constraints, had forced many Nigerians to seek alternative and often costly payment methods to meet their international needs.
This renewed access is seen as a positive signal for financial stability and confidence in the FX market, even as the Central Bank of Nigeria (CBN) continues reforms aimed at unifying exchange rates and boosting forex inflows.
Bank notifications sent to customers over the past few days confirmed the change, with some setting new monthly international spending limits — ranging from \$100 to \$500, depending on the institution.
Financial analysts have praised the move as a step in the right direction, potentially reducing the burden on the parallel market and easing pressure on the Naira.
As more banks follow suit, this development marks a notable shift in Nigeria’s financial landscape, signaling increased flexibility and access for everyday consumers in the global economy.
