Several Nigerian commercial banks, including UBA, GTBank, and Wema Bank, have resumed international transactions on Naira-denominated debit cards, marking the end of a nearly three-year suspension. This move allows customers once again to make payments on global platforms such as Netflix, Apple, Amazon, and other international websites directly from their Naira accounts.
The suspension, which began in 2021, had forced many Nigerians to resort to virtual dollar cards or domiciliary accounts for cross-border payments, especially as foreign exchange pressures mounted on the Central Bank of Nigeria (CBN). With recent improvements in FX liquidity and regulatory adjustments by the CBN under the Tinubu administration’s reform agenda, banks are now reinstating international payment capabilities.
UBA, in a notice to customers, confirmed the reinstatement of international transactions, allowing up to $500 monthly limits on Naira debit cards. GTBank, Wema Bank, and several fintechs have also followed suit, though with varying limits depending on account types and available forex. The move is seen as a relief for consumers and SMEs relying on international payments.
