In a major relief to Nigerian consumers and businesses, several commercial banks have resumed international transactions on naira-denominated debit cards, marking the end of a suspension that lasted for over two years due to foreign exchange (forex) constraints.
The move, which has been welcomed by many Nigerians, comes amid efforts by the Central Bank of Nigeria (CBN) to stabilize the country’s foreign exchange market and increase access to forex for legitimate transactions.
Top-tier banks including Guaranty Trust Bank (GTBank), Zenith Bank, Access Bank, and United Bank for Africa (UBA) have notified their customers of the development via emails and official statements.
“We are pleased to inform you that you can now use your GTBank naira Mastercard and Visa cards for international transactions, including online payments and ATM withdrawals, within the approved monthly limit,” read an update from GTBank.
The development means customers can now pay for goods and services on international platforms such as Netflix, Amazon, and Apple Music, as well as carry out transactions on websites that charge in foreign currencies—using their regular naira cards.
The resumption comes after months of relative stabilization in the foreign exchange market, partly due to policy reforms and improved liquidity following the unification of exchange rates and increased diaspora remittances.
Industry analysts have described the decision as a welcome one for small business owners, freelancers, and students who had been cut off from global services due to the earlier restrictions.
Recall that Nigerian banks suspended international use of naira cards in 2022 after the CBN tightened forex allocations to commercial banks in a bid to preserve dwindling reserves and control speculative demand.
During the suspension, customers were forced to rely on costly alternatives such as dollar cards, domiciliary accounts, or unofficial forex channels to make payments abroad.
However, with the return of naira card functionality for international payments—albeit within strict limits—many hope this will reduce reliance on parallel market forex and ease pressure on the naira.
Some banks have pegged the spending limits at between $100 and $500 monthly per customer, depending on the type of card and the customer’s profile.
The CBN is expected to closely monitor the banks’ compliance and forex allocations to prevent abuse or renewed pressure on the nation’s reserves.