THREE years after Nigerian financial institutions restricted international transactions on naira-denominated debit cards, a gradual but notable shift is underway. At least three major banks; United Bank for Africa (UBA), Guaranty Trust Holding Company Plc (GTCO), and Wema Bank have reactivated international transaction capabilities on their naira cards, allowing customers to once again make foreign payments from their local accounts.
The decision marks a turning point in Nigeria’s ongoing struggle with foreign exchange liquidity, which had prompted banks to suspend dollar-denominated transactions using naira cards since mid-2022. Between July 2022 and January 2023, several commercial banks and fintech platforms halted international spending on naira cards, citing scarcity of foreign exchange and regulatory constraints from the Central Bank of Nigeria (CBN).
Among those that halted the service were some of Nigeria’s biggest banking names: Standard Chartered Bank suspended international use on its naira Visa debit card in July 2022, followed by First Bank of Nigeria (FBN) in September, which disabled the international function on its naira Mastercard. Guaranty Trust Bank (GTBank) also joined the wave, suspending cross-border transactions on its Mastercard offering. Zenith Bank followed suit in early 2023, with January 9 marking the cut-off for international card usage.
Fintech platforms such as Flutterwave, Eversend, and others also paused virtual dollar card services, leaving many Nigerians especially those relying on online platforms for business, education, and entertainment in search of alternatives.
But in a series of recent customer communications, a few forward-moving banks have started to reopen those doors.
In a message to its clients, UBA announced that its Premium Naira Cards including the Gold, Platinum, and World variants are now re-enabled for international transactions. According to the bank, this move is part of its “continued commitment to providing seamless and enhanced banking experiences.”
“You can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world,” the UBA message read. “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.”
Wema Bank also declared a return to global financial platforms for its customers. In a more vibrant and consumer-focused announcement, the bank said:
“Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms; Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
Guaranty Trust Bank, which had previously suspended the service, confirmed to customers via email that international transactions have resumed. According to a recent social media post by Bashir Ahmad, former aide to President Muhammadu Buhari, GTBank is now allowing a quarterly international spending limit of $4,000 on its naira cards.
The sudden reactivation across multiple banks raises questions about whether the Central Bank of Nigeria (CBN) has relaxed restrictions or whether these banks have independently secured sufficient foreign exchange reserves to support international usage.
While official statements from the CBN have yet to be made public, analysts say this may reflect broader improvements in Nigeria’s forex market under the current administration’s monetary reforms. The recent unification of forex windows, resumption of dollar sales to BDCs, and the increase in diaspora remittances may have helped stabilize FX supply.
Still, some caution remains. Not all banks have restored the feature, and it’s unclear whether there will be limits on merchant categories or specific platforms. Additionally, the new international usage may be confined to premium cardholders or come with updated fees and charges.
For now, however, the news comes as a relief for many Nigerians who had turned to black-market dollar purchases or alternative fintech services to carry out international transactions. For business owners, freelancers, and everyday consumers alike, the ability to shop globally, pay for subscriptions, and make foreign payments using their local debit cards brings a renewed sense of financial inclusion.