Several Nigerian banks have resumed allowing international transactions on Naira debit cards, following a period of suspension that lasted nearly three years. This development reflects growing confidence in the country’s foreign exchange (FX) stability and is supported by improved dollar liquidity in the financial system.
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Institutions such as GTBank, UBA, First Bank, Wema Bank, Zenith Bank, Ecobank, and Access Bank have all reintroduced the service with varying transaction limits. GTBank now permits international spending up to $1,000 quarterly, with a portion allocated for ATM withdrawals. Wema Bank and First Bank have set a monthly cap of $500 on their Naira cards, while UBA has restricted access to its premium card holders.
The move follows sustained efforts by the Central Bank of Nigeria to reform the FX market, including the unification of official and parallel exchange rates, liberalization of currency controls, and encouragement of foreign inflows. These measures have contributed to a relatively stable exchange rate, with the Naira trading between ₦1,520 and ₦1,530 to the dollar. As a result, FX supply has improved, with monthly inflows estimated at over $5.9 billion.
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The resumption of Naira card usage abroad is expected to ease the pressure on consumers who previously relied on domiciliary accounts, virtual dollar cards, or informal channels for international transactions. It also marks a potential recovery point for digital platforms and merchants who had experienced reduced patronage due to payment restrictions from Nigeria.
With more banks now enabling Naira card use internationally, competition in the retail banking sector is likely to intensify, particularly as consumers assess which institutions offer the most favorable transaction limits and fees.
