Two major Nigerian banks — United Bank for Africa (UBA) and Wema Bank — have reinstated international transactions on their naira-denominated cards. This marks a notable reversal for customers, who had been unable to use their naira debit cards abroad since mid‑2022 .
UBA announced the reactivation via its premium naira card lineup, including Gold, Platinum, and World tiers, reassuring users that they can once more make overseas purchases and withdraw cash from ATMs abroad. The bank emphasized that this return reflects its dedication to offering seamless, top-tier banking experiences .
In a similar move, Wema Bank declared that its Naira Mastercard is now “global-ready,” enabling users to make dollar payments on popular international platforms such as Amazon, eBay, AliExpress, Netflix, Spotify, and YouTube .
Analysts attribute this policy reversal to improved conditions in Nigeria’s foreign exchange (FX) market. Agusto & Co’s head of financial institutions ratings, Ayokunle Olubunmi, pointed to increased FX liquidity and a narrowing of the parallel market premium as key drivers . Meanwhile, Cowry Treasurers CEO Charles Sanni added that a slimmer spread between official and black market rates, alongside rising naira appreciation, diaspora remittances, enhanced FX management by the CBN and federal government, oil price gains, and cleared FX backlogs, all contributed to the decision .
Between July 2022 and early 2023, the FX squeeze forced most banks — including First Bank, GTBank, Zenith, Standard Chartered, and fintechs like Flutterwave and Eversend — to disable international transactions on their naira cards . The restored functionality now eases cross-border payments for travel, education, online shopping, and subscriptions, signalling renewed agility in Nigeria’s FX ecosystem.
These developments represent a welcome boost for both consumers and businesses that rely on seamless international payments.
