Two major Nigerian banks, United Bank for Africa and Wema Bank have announced the resumption of international transactions on their naira debit cards, marking a significant shift in the country’s banking sector after years of restrictions.
The move comes nearly three years after most Nigerian banks suspended global transactions on naira cards due to a severe foreign exchange crisis. Both UBA and Wema made the announcement in separate messages to customers this week.
UBA said the service is now available on all its Premium Naira Cards, including Gold, Platinum, and World variants. “You can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world, with more ease and flexibility,” the bank stated.
Wema Bank also shared similar news, telling customers that their naira Mastercard is now enabled for global payments. “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,” the bank announced.
Financial analysts say the decision reflects improving conditions in Nigeria’s FX market. Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co, noted that improved liquidity and a narrowing gap between official and parallel market exchange rates are among the key drivers.
Charles Sanni, CEO of Cowry Treasurers, added that high interest rates in Nigeria are reducing speculative pressure on forex, while increased diaspora remittances and recent policy reforms by the Central Bank of Nigeria are also contributing to greater confidence in the system.
“The naira has continued to appreciate against major currencies, and with increased ease in fund transfers and capital repatriation, the FX outlook has improved,” Sanni said.
He also pointed to Nigeria’s improved credit rating, clearance of FX backlogs, the launch of a new trading platform, rising oil prices, and better bank capitalisation as additional factors behind the decision.
Between mid-2022 and early 2023, several banks—including Standard Chartered, First Bank, GTBank, and Zenith Bank—halted international transactions on naira cards as FX shortages worsened. Fintech platforms like Flutterwave and Eversend also suspended virtual card services for the same reason.
The latest move by UBA and Wema signals growing optimism in the financial sector and may pave the way for other banks to follow suit.
As the FX environment stabilizes and reforms take root, Nigerians may finally see a return to the convenience of global payments with local cards—an essential step for a country deeply engaged in international commerce and digital services.
