Three major Nigerian banks, United Bank of Africa (UBA), Wema Bank, and Guaranty Trust Bank (GTB), have resumed international transactions on their naira cards after a three-year suspension. This move aims to enhance customer convenience and signal improved stability in Nigeria's foreign exchange market.
UBA's PREMIUM NAIRA CARD: Enabled for everyday payments, online shopping, POS, and ATM transactions globally.
WEMA BANK's NAIRA MASTERCARD: Can be used to pay in dollars on international platforms like Amazon, eBay, AliExpress, Netflix, Spotify and YouTube.
GTB's NAIRA CARD: Has a quarterly limit if $1,000 for international transactions, including ATM withdrawals of $500 abroad
The decision is attributed to narrowing arbitrage margins, improving foreign exchange liquidity and recent Central Bank of Nigeria (CBN) reforms. The naira appreciation against major currencies, increased diaspora remittances, and restored confident in FX management have also contributed to this development.