The ban on foreign transactions using naira cards by Nigerian lender, Wema Bank has been lifted.
The bank announced the lifting of the ban on overseas transactions made with naira cards in a letter to its customers.
This implies that clients who use the bank’s Mastercard can now make purchases with their Naira debit cards.
The bank followed other Nigerian banks in March 2022 in lowering the $100 monthly limit on overseas purchases made using naira cards to $20 or $50.
The banks then announced in September that naira cards would no longer be accepted for purchases outside of Nigeria, noting that the decision was made owing to the realities of the foreign exchange market.
In March, Wema Bank took things a step further and stopped accepting Naira cards for cross-border transactions.
The bank also set a $500 monthly cap on purchases made abroad using its naira cards.
“You can now make purchases abroad using your Naira cards, which include Visa, Mastercard, and ALAT Mastercard, you can also get up to $500 per month for international transactions,” the bank wrote in a notice this week.
According to the bank, its customers now have the freedom to shop at their preferred international brands, browse international internet retailers, and use the Naira card to transact business internationally. “Now, the entire world is at your fingertips!”
“However, there is a $500 monthly spending cap for international transactions to give you more security and control. This enables you to take advantage of international spending while managing your expenses appropriately.
“You may conveniently make payments in foreign currencies with your Naira card, doing away with the necessity for currency conversion or carrying around extra cash. It’s a simple and safe method for conducting business overseas.”
As part of his efforts to draw investors into the economy, President Bola Tinubu has been working to converge the country’s various exchange rates, which is where the latest development fits into the picture.
The Central Bank of Nigeria announced the unification of all Nigerian financial markets on June 14th, collapsing all windows into the Investors & Exporters window.
