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Nigerian Banks Restore International Transactions on Naira Cards

Naira card used for International shopping and subscriptions

After a 3-year suspension, UBA and Wema Bank now allow customers to make international payments using their naira cards, signaling renewed confidence in Nigeria’s foreign exchange market.

In a major development for Nigerian consumers, freelancers, and businesses, two major Nigerian banks — United Bank for Africa (UBA) and Wema Bank — have officially restored international transaction capabilities on their naira-denominated cards. This move comes three years after banks across Nigeria suspended such services due to a severe foreign exchange (forex) crisis that plagued the country from 2020 to 2022.

The restoration means eligible customers can now use their naira cards to make payments in foreign currencies on global platforms, both online and at physical merchant locations abroad. This long-awaited change is expected to benefit millions of Nigerians who rely on foreign services for streaming, e-commerce, education, advertising, and other international needs.

 What’s New: UBA and Wema Bank Take the Lead

According to official communications sent to customers, UBA has re-enabled international spending for those using its premium naira cards, including:

  • UBA Gold Card
  • UBA Platinum Card
  • UBA World Card

Customers can now pay for goods and services in USD and other major currencies, use their cards abroad, and conduct transactions on international websites — all without needing a domiciliary (dollar) account or a USD card.

Meanwhile, Wema Bank has also confirmed that its Naira Mastercard is now functional for international payments, with support for platforms such as:

  • Amazon
  • Netflix
  • Spotify
  • Other global e-commerce and subscription services

This means Wema customers can subscribe, shop, and pay for services globally using just their naira card — a convenience that had been unavailable for several years.

Why International Card Transactions Were Suspended in 2020

Back in 2020, most Nigerian banks halted the international use of naira cards due to a significant shortfall in foreign exchange supply. The Central Bank of Nigeria (CBN) was struggling to meet rising demand for dollars and other foreign currencies, partly due to falling oil revenue, reduced foreign inflows, and pandemic-related economic instability.

As a result, many commercial banks restricted card usage to local transactions only. International spending via ATMs, point-of-sale (POS) terminals, and online platforms was either suspended or capped at extremely low limits (as low as $20/month in some cases).

This created a lot of frustration for Nigerian freelancers, students, SMEs, travelers, and online business owners who depended on international platforms to operate efficiently.

 Why Banks Are Restoring the Service Now

According to financial analysts, the restoration of international naira card transactions reflects improvements in Nigeria’s foreign exchange environment. Some key factors contributing to this change include:

  1. Increased forex inflowsfrom oil sales and remittances
  2. CBN’s foreign exchange market reforms, including the unification of exchange rates
  3. More flexible forex management policiesintroduced in 2024 and 2025
  4. Improved confidence among banksto settle foreign-denominated transactions on behalf of customers

One banking sector insider noted:

“The resumption of international card use is a positive signal that the liquidity challenges we faced in 2020–2022 have eased, at least to a manageable level.”

This change also aligns with the CBN’s broader goals of modernizing Nigeria’s payment systems and supporting a cashless, globally connected economy.

 What This Means for Nigerians

The reactivation of international usage for naira cards brings relief and opens doors for many Nigerian individuals and businesses. Here’s how:

 For Freelancers and Remote Workers

Freelancers who pay for software tools, hosting, online courses, or ads on platforms like Facebook, Upwork, and Fiverr can now make payments directly with their naira cards — no need for complex forex arrangements or third-party middlemen.

 For Small Businesses and E-commerce Owners

Entrepreneurs who import goods, run international ads, or subscribe to foreign business tools now have easier payment options. This makes operations smoother and reduces dependency on expensive virtual dollar cards.

 For Students and Professionals

People studying or taking certification exams online can now pay for tests, subscriptions, and courses with ease.

 For Everyday Users

Consumers can now renew their Netflix or Spotify subscriptions, shop on Amazon or AliExpress, and book travel services using their regular naira debit cards.

 Important Considerations for Cardholders

While this is good news, not every bank or cardholder is immediately eligible. Here are a few things to keep in mind:

  • Only select cards (e.g., premium naira cards) currently support international payments
  • Transaction limits may apply, and they may vary by bank and card type
  • Not all banks have resumed this service — only UBA and Wema Bank have officially confirmed so far
  • Customers should contact their bank to enable international usage and confirm card limits

 Expert Opinion

Speaking on the development, a financial analyst noted:

“This is not just a technical reactivation. It’s a signal to the global market that Nigerian banks are slowly regaining forex confidence. It also helps reduce pressure on demand for dollar cards.”

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 Conclusion

The restoration of international transactions on naira cards by UBA and Wema Bank marks a turning point for Nigeria’s digital economy and global commerce participation. As forex conditions improve, more banks are expected to follow suit, allowing millions of Nigerians to once again transact seamlessly with the rest of the world.

If you’re a UBA or Wema Bank customer, now’s the time to check your card status and start enjoying international access.

Bonus Tip:

To avoid disruptions and manage your payments better:

  • Make sure your account is funded before international transactions
  • Monitor exchange rates as banks may use dynamic pricing
  • Contact your bank’s customer care for any issues with card activation

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