Nigerian banks have resumed international transactions on Naira cards
It signals a long-awaited relief for customers who’ve been stuck relying on virtual dollar cards.
For nearly three years, Nigerians have had to jump through hoops just to pay for basic international services, whether it was renewing Netflix, subscribing to Spotify, or making purchases on Amazon. That all changed recently.
A few major Nigerian banks have now resumed international transactions on their naira-denominated debit cards, signalling a long-awaited relief for customers who’ve been stuck relying on virtual dollar cards, third-party fintech platforms, or dollar accounts. As seen in email messages sent to their customers, Nigerian banks like GTBank, UBA, and Wema Bank have all reactivated international access on their naira cards. Customers can now use these cards for online shopping, POS, and ATM transactions abroad. But of course, there are limits.
Emmanuel Oyedeji
GTBank announced a $1,000 quarterly limit on all international transactions, with ATM withdrawals abroad limited to $500 per quarter. However, in a twist, some users—like Bashir Ahmad, a former aide to ex-President Buhari—claimed they received higher limits, up to $4,000 quarterly, raising questions about how banks assign these caps. Account type? Transaction history? The banks haven’t said. UBA’s reactivation applies to its Premium Naira Cards (Gold, Platinum, and World variants), now usable globally across POS terminals, ATMs, and websites. Wema Bank echoed the same, confirming its Mastercard, Visa, and ALAT cards can now be used to pay in dollars on platforms like Amazon, AliExpress, Netflix, YouTube, and more.
Emmanuel Oyedeji
Naira cards were first restricted in 2023, when multiple banks including GTBank, Zenith, First Bank, and Standard Chartered, suspended international usage due to a crippling foreign exchange (FX) crisis. The Naira was under intense pressure, dollar liquidity dried up, and the Central Bank of Nigeria (CBN) struggled to stabilize the system as the naira plummeted from ₦449/$ in 2022 to ₦899/$ in 2023, then hit ₦1,535/$ in 2024, according to Focus Economics. That forced banks to cut off global transactions on naira cards to curb demand. But conditions have changed. Improved FX liquidity, a stronger Naira, reduced the spread between the official and parallel market rates, and CBN’s policy reforms like easier fund transfers and diaspora account openings have rebuilt trust. Analysts also point to increased oil revenues, cleared FX backlogs, and recapitalization of banks as factors behind the reopening. For now, only a few banks have flipped the switch, but if the current trajectory holds, more are expected to follow. The era of having to find creative workarounds to pay $9.99 to Spotify might finally be coming to an end.
