Nigerian Banks Lift Years-Long Ban, Resume International Transactions on Naira Cards

[justseyi]

In a major development for Nigerian banking customers, two of the country’s leading commercial banks—Wema Bank and United Bank for Africa (UBA)—have officially lifted the embargo on international transactions using naira debit cards, marking the end of a five-year restriction caused by persistent foreign exchange (FX) scarcity.

The announcement came in separate communications to customers on Friday, July 4, 2025. The move signals a significant policy shift and reflects an easing of FX pressures that had plagued the banking sector since 2020.

UBA Goes Global with Premium Naira Cards

In its statement, UBA said the reinstatement of international services on its naira cards aligns with the bank’s ongoing mission to deliver seamless and enhanced banking experiences to its customers.

“In line with our continued commitment to providing you with seamless and enhanced banking experiences, we are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants are now enabled for international transactions,” the message read in part.

The bank added that cardholders can now enjoy global access for everyday payments—ranging from online shopping to point-of-sale (POS) and ATM withdrawals.

“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 Joins In: “Pay in Dollars” with Your Naira Card

Wema Bank also shared similar news, announcing that its Wema Naira Mastercard has been enabled for international use. According to the bank, customers can now use their naira cards to make payments on popular global platforms.

“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,” Wema said.

This announcement marks a key turnaround for customers previously limited by stringent currency controls and FX allocation challenges.

Background: The FX Crunch That Started It All

The resumption comes after a widespread wave of restrictions that began in mid-2022, when several banks suspended international transactions on naira cards due to Nigeria’s worsening FX crisis.

Standard Chartered Bank was the first to act, suspending international use of its Naira Visa Debit Card in July 2022. It was followed by First Bank of Nigeria (FBN) in September, which restricted naira Mastercard usage abroad.

Guaranty Trust Bank (GTBank) and Zenith Bank implemented similar suspensions in December 2022 and January 2023, respectively. At the time, customers were advised to rely on domiciliary accounts or prepaid USD cards for foreign transactions.

Even fintech companies such as Flutterwave, Eversend, and others eventually joined the trend, halting their virtual dollar card services amid growing volatility in the FX market.

What This Means for Nigerians

The resumption of international transactions on naira cards could help ease frustrations for millions of Nigerians who have long struggled with access to foreign payments—especially for education, software subscriptions, and global e-commerce.

While it’s unclear whether all banks will follow suit immediately, Wema Bank and UBA’s move could signal a broader industry shift in response to stabilizing FX reserves and policy reforms by the Central Bank of Nigeria (CBN).

[Ayodeji adebayo]

List of Banks that allow naira debit cards for dollar transaction
UBA
GTBank
Providus
Stanbic IBTC
WEMA

[Author]

Posts