Nigerian Banks Resume International Transactions on Naira Debit Cards as FX Liquidity Improves
After nearly three years of restrictions, Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a major turning point driven by improved foreign exchange (FX) liquidity in the economy.
According to Naijapress, both United Bank for Africa (UBA) and Wema Bank have officially reinstated international payment capabilities on their naira cards. Customers can now use their cards for online shopping, ATM withdrawals, and point-of-sale payments abroad.
Background: A Policy Reversal After Years of Restrictions
The move reverses a policy that began in 2020, when widespread FX shortages forced most banks to suspend international transactions on naira debit cards. Since then, only dollar-denominated domiciliary cards were functional for global payments.
What’s Changed? Improved FX Inflows Fuel Resumption
The restoration of services comes amid a significant recovery in foreign exchange liquidity, with monthly FX inflows reaching an average of $5.96 billion since May 2025. In fact, May alone recorded a 62% increase in inflows compared to April.
Financial analysts attribute this recovery to a combination of rising global oil prices and key reforms by the Central Bank of Nigeria (CBN), including:
- Licensing more International Money Transfer Operators (IMTOs)
- Promoting a willing buyer–willing seller FX model
- Streamlining diaspora remittance processes
These initiatives have strengthened the naira, boosted investor confidence, and improved FX access for individuals, businesses, and importers.
UBA and Wema Bank Take the Lead
UBA confirmed that its Gold, Platinum, and World premium naira cards are now fully active for international use. Customers can perform foreign ATM withdrawals, online purchases, and payments while traveling.
“If you haven’t used your card recently, now’s a great time to rediscover the convenience and prestige of being a UBA premium cardholder,” the bank said in a customer notice.
Similarly, Wema Bank announced that its Naira Mastercards are now accepted for dollar payments on global platforms like Amazon, AliExpress, Netflix, and Spotify.
Analysts: A Boost for Confidence and the Economy
Market experts have welcomed the decision, calling it a vote of confidence in Nigeria’s stabilizing FX environment. According to Agusto & Co, the narrowing gap between the official and parallel market exchange rates and reduced arbitrage opportunities have encouraged banks to reactivate these services.
For years, banks like GTBank, Access Bank, Standard Chartered, and Stanbic IBTC intermittently suspended naira card usage abroad due to exchange rate volatility. The return of international functionality offers much-needed relief to students, small businesses, travelers, and digital consumers reliant on global transactions.
A Positive Signal for Nigeria’s Financial Outlook
The reactivation of naira debit card usage for foreign transactions is widely seen as a positive indicator of macroeconomic stability. As more banks follow suit, it is expected to enhance Nigeria’s participation in the digital economy, improve consumer access to global services, and further bolster investor confidence.
In the months ahead, continued reforms and FX stability are likely to drive broader adoption and convenience in cross-border payments—supporting Nigeria’s economic recovery and financial inclusion goals.