Nigerian Banks Resume International Transactions on Naira Cards After Three-Year Suspension

United Bank for Africa (UBA) and Wema Bank have resumed international transactions on their naira debit cards, nearly three years after most Nigerian banks suspended the service due to foreign exchange (FX) scarcity.

UBA announced that all its Premium Naira Cards — including Gold, Platinum, and World variants — are now enabled for international payments, online shopping, POS, and ATM usage abroad. Wema Bank also confirmed that customers can now make dollar payments on global platforms like Amazon, Netflix, and Spotify using their naira Mastercards.

The return of this service follows improvements in Nigeria’s FX market. Experts say reduced parallel market premiums and improved liquidity are major drivers of the banks’ decision.

Ayokunle Olubunmi, a financial analyst at Agusto & Co, noted that fewer arbitrage opportunities and stronger FX management by the Central Bank of Nigeria (CBN) contributed to the development. Charles Sanni, CEO of Cowry Treasurers, added that rising diaspora remittances and narrowing gaps between official and parallel exchange rates have further boosted confidence in the system.

Between mid-2022 and early 2023, several banks — including First Bank, GTBank, Zenith Bank, and Standard Chartered — halted international use of naira cards amid a deepening FX crisis. Fintech platforms like Flutterwave and Eversend also suspended their virtual dollar card services during the period.

The current resumption signals renewed stability in the FX market and improved investor confidence, supported by CBN reforms, oil revenue gains, and bank recapitalisation efforts.