What impact will raising the limit on naira cards have on businesses and the economy?
After several commercial banks in Nigeria prohibited the use of naira cards for international cash withdrawals and payments last year, a reverse of this policy seems to be in the offing.
Last week, one of the country's largest banks, Wema Bank lifted the suspension allowing customers to enjoy international purchases of up to $500 using their Naira cards, including Mastercard, ALAT Mastercard, and Visa, making it likely that other financial institutions would follow suit.
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