Quick Summary:
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UBA, Wema Bank, and GTBank have resumed international use of naira cards.
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GTBank has a quarterly cap of $1,000; Wema Bank allows $500 monthly spending.
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The move follows improved FX liquidity and a stronger naira.
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Nigerians can now use naira cards for global payments and subscriptions.
In a major move, several Nigerian banks have announced the resumption of international transactions on naira-denominated cards.
United Bank for Africa (UBA), Wema Bank, and Guaranty Trust Bank (GTBank) have confirmed that their customers can once again use their naira cards for global payments—ending a restriction that lasted nearly three years.
Details of the Resumption
UBA stated that its Premium Naira Cards—including Gold, Platinum, and World variants—are now active for international use. These cards support purchases abroad, online shopping, POS payments, and ATM withdrawals.
Wema Bank also reactivated global functionality for its Mastercard, ALAT Mastercard, and Visa cards, allowing customers to “pay in dollars” on platforms like Amazon, eBay, Netflix, Spotify, and YouTube.
GTBank introduced a quarterly limit of $1,000 on naira cards for international use, broken down into $500 for ATM withdrawals and $1,000 for online/POS payments.
Why Were International Transactions Suspended?
The original restriction, imposed between July 2022 and January 2023, came amid severe foreign exchange (FX) scarcity. Several major banks and fintech platforms—including First Bank, Zenith Bank, Flutterwave, and Eversend—halted cross-border card transactions to manage liquidity risks and reduce pressure on FX reserves.
What Prompted the Reinstatement?
According to financial experts, the return of international card use was enabled by multiple economic improvements:
- Improved FX liquidity: More dollars are now available in the system.
- Stronger naira: The local currency has gained strength due to policy reforms.
- Narrowed exchange rate gap: A reduced gap between official and parallel market rates has discouraged arbitrage.
- Increased diaspora remittances: More foreign inflows have supported reserves.
- Confidence in CBN policies: Ongoing monetary reforms have reassured stakeholders.
Bank-Specific International Limits
Here are the updated card usage limits:
- UBA: All Premium Naira Cards (Gold, Platinum, World) support international transactions.
- Wema Bank: Mastercard and Visa cards allow monthly global spending up to $500.
- GTBank: Naira cards have a quarterly cap of $1,000; $500 for ATM withdrawals and $1,000 for online/POS transactions.
What This Means for Nigerians
This move is a major relief for customers who rely on naira cards for:
- Paying school fees abroad
- Subscribing to global services like Netflix and Spotify
- Shopping on international e-commerce platforms
- Conducting cross-border business payments
It also signals growing stability in Nigeria’s financial system.
Conclusion
The reactivation of international spending on naira cards represents a milestone in Nigeria’s financial recovery. As FX conditions improve and monetary reforms strengthen, more banks are expected to follow suit—enhancing access and trust in Nigeria’s foreign exchange ecosystem.