Nigerians Can Now Use Naira Debit Cards for International Transactions, Ending a Three-year Freeze

Nigerians can now use Naira debit cards for international transactions, ending a three-year freeze on foreign spending. This major change was announced by several Nigerian banks, including United Bank of Africa (UBA) and Wema Bank, who have informed their customers that their Naira cards are once again enabled for international use.

This development means that Nigerians can now use Naira debit cards for international transactions like online shopping, paying for services on global platforms, and making payments at ATMs and POS machines outside the country. For many, this marks the end of a difficult period when they could not use their Naira cards to pay for things or services abroad.

The freeze began around 2022, when Nigerian banks suspended international transactions on Naira debit cards. The main reason was a severe shortage of foreign exchange (FX) in the country. With not enough dollars available, banks had to cut down spending limits and eventually stop international transactions completely. This affected many people and businesses who needed to pay for goods and services outside Nigeria, making life and business more difficult.

During the freeze, several major banks, including Standard Chartered, First Bank of Nigeria, Guaranty Trust Bank, Zenith Bank, and even fintech companies like Flutterwave, stopped allowing international payments on their Naira cards. The shortage of foreign exchange was so serious that it threatened the survival of key sectors in the Nigerian economy.

Now, Nigerians can use Naira debit cards for international transactions again, thanks to improvements in the country’s foreign exchange market. According to experts, the decision to lift the freeze was made possible by better liquidity in the FX market, meaning there is now more foreign currency available for banks to use. The gap between the official exchange rate and the black market rate has also reduced, making it easier for banks to manage these transactions.

Other factors that helped include an increase in money sent home by Nigerians living abroad (diaspora remittances), a stronger Naira, and new policies from the Central Bank of Nigeria (CBN) that restored confidence in the management of foreign exchange. The government’s efforts to clear FX backlogs, introduce a new trading platform, and boost oil prices also played a role. All these changes have created a more stable environment, allowing banks to let customers use Naira debit cards for international transactions once again.

UBA, in its message to customers, said that all its Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions. This means customers can use their cards for daily payments, online shopping, POS, and ATM transactions anywhere in the world, with more ease and flexibility. UBA encouraged customers who have not used their cards recently to rediscover the convenience and prestige that comes with being a premium cardholder.

Wema Bank also announced that its customers can now pay in dollars using their Naira cards on popular international platforms like Amazon, eBay, AliExpress, Netflix, Spotify, and YouTube. This is a big relief for many Nigerians who have struggled to pay for subscriptions and goods on foreign websites during the freeze.

The ability to use Naira debit cards for international transactions will make life easier for Nigerians, especially for those who shop online, pay for international services, or run small businesses that rely on global trade. It also means that individuals and companies no longer have to look for complicated or expensive alternatives just to make payments abroad.

Nigerians can now use Naira debit cards for international transactions, ending a three-year freeze on foreign spending. This change is expected to boost confidence, convenience, and business for millions of Nigerians at home and abroad.

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