After a prolonged hiatus of almost three years, Nigerian commercial banks have finally lifted the suspension on international transactions using Naira-denominated debit cards. This long-awaited development brings relief to customers who had been grappling with restrictions on global payments since 2022.
The decision to reactivate international spending on Naira cards comes as a welcome change for many Nigerians who found themselves unable to use their local currency for a variety of international services and purchases, including popular platforms like Apple subscriptions, Twitter Premium, Netflix, and other online payments.
The initial suspension was implemented in response to various economic factors affecting Nigeria’s financial landscape. Persistent foreign exchange (FX) pressures, coupled with dollar shortages and increased demand ahead of the 2023 general elections, led several leading Tier-1 banks such as Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), Access Bank, Zenith Bank, First Bank, and Ecobank to suspend international card transactions.
However, recent announcements from key players in the banking sector indicate a shift in this policy. Institutions like GTBank, Wema Bank, and UBA have confirmed the resumption of international spending capabilities on their Naira cards. Customers were delighted to receive notifications detailing the reinstatement of these services.
In an email communication to its customers, GTBank shared the exciting news:
“Dear customer, we are pleased to inform you that you now have a quarterly limit of $1,000 on your GTBank Naira Card to pay for all your favourite things anywhere in the world.”
The bank clarified that this limit is applicable across various transaction channels such as online payments, point-of-sale (POS) terminals, and ATMs located outside Nigeria. Additionally, customers can withdraw up to $500 from ATMs within the quarterly limit.
Similarly enthusiastic about restoring international payment functionality on their cards is UBA. The bank announced that its Premium Naira Cards—including Gold, Platinum,and World variants—have been re-enabled for global use. According to UBA’s message to customers:
“You can now use your Premium Naira Card for everyday payments…across the world.”
Wema Bank also joined the fray by confirming that its range of Naira cards—Mastercard,VISA,and ALAT—are now primed for international transactions. In a statement exuding positivity,the bank declared: “Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms.”
This strategic move not only facilitates smoother cross-border transactions but also signals optimism within Nigeria’s banking sector amidst evolving economic conditions.Experts believe that by reintroducing these services,banks are not only enhancing customer experience but also adaptingto meet changing market demands.Nigerians can now enjoy greater flexibility in managing their finances both locally and internationally thanks to this progressive step taken by various banking institutions.
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