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Nigerian Banks Resume International Transactions on Naira Debit Cards as FX Liquidity Improves
StartSmart Nigeria gathered that after over three years of restrictions, Nigerian banks have reinstated international transactions for naira-denominated debit cards, effective July 2025. This milestone, driven by improved dollar liquidity in Nigeria’s economy, marks a significant step toward financial flexibility for millions of Nigerians.
United Bank for Africa (UBA) and Wema Bank have both confirmed the restoration of international payment services on their Naira cards. In a different publication to customers, the banks revealed that their naira debit cards can now be used for online purchases, ATM withdrawals, and point-of-sale payments abroad.
This development reverses a policy that started in 2020, when most Nigerian banks suspended international transactions on naira cards due to a drastic foreign exchange (FX) shortage. During that time, only domiciliary account-based dollar cards were functional for global transactions.
Forex Liquidity Sees Strong Recovery
The continuations of international card services come amid improved FX liquidity, with monthly foreign exchange inflows averaging $5.96 billion since May 2025. Notably, May alone recorded a 62% increase in inflows compared to April.
Analysts ascribe the positive trend to a mix of rising global oil prices and key foreign exchange reforms by the Central Bank of Nigeria (CBN). These reforms include:
- Licensing additional International Money Transfer Operators (IMTOs)
- Promoting a willing buyer–willing seller FX model
- Simplifying diaspora remittance processes
These measures have not only stabilized the naira but also expanded access to foreign exchange for manufacturers, importers, and retail users.
UBA and Wema Lead the Charge
In a customer advisory, UBA announced that all its premium naira cards, Gold, Platinum, and World, are now fully activated for international use. Customers can now make foreign ATM withdrawals, shop online, and make payments while traveling.
“If you haven’t used your card recently, now’s a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder,” the bank noted.
Wema Bank also confirmed that its Naira Mastercards can now be used for payments in dollars on global platforms like Amazon, AliExpress, Netflix, and Spotify.
Market Analysts Welcome the Move
Experts say the restoration of international usage for Naira cards signals renewed confidence in Nigeria’s recovering FX landscape. According to Agusto & Co’s Head of Financial Institutions Ratings, the narrowing gap between official and black market rates and a reduction in arbitrage opportunities have made it more viable for banks to resume such services.
Over the past few years, banks including GTBank, Access Bank, Standard Chartered, and Stanbic IBTC intermittently restricted naira card usage for overseas transactions, citing FX volatility. This return to normalcy is a relief to travelers, digital subscribers, students, and small businesses who depend on international payments. Nigerian Banks
Positive Signal for Nigeria’s Financial System
The reactivation of Naira card usage for international transactions marks a significant milestone for Nigeria’s financial system in 2025. This development reflects growing confidence in the country’s macroeconomic stability, fueled by ongoing economic reforms and improved foreign exchange (forex) availability.
As more banks follow suit, analysts predict that Nigeria’s digital economy and consumer access to global markets will continue to expand, boosting investor confidence and improving the ease of financial transactions across borders.
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