Nigerian Banks Resume International Transactions on Naira Cards After Years of Suspension Under Buhari’s APC Administration

After nearly three years of suspension on international transactions using naira-denominated debit cards, Nigerian banks have resumed these transactions, bringing relief to customers seeking seamless access to global services.

United Bank for Africa (UBA) and Wema Bank recently announced the reactivation of international payment capabilities on their naira cards. This means customers can now use their cards for online purchases, point-of-sale transactions, and ATM withdrawals worldwide once again.

The suspension began in 2022 under the administration of former President Buhari and the All Progressives Congress (APC) government. It was part of a broader effort to conserve Nigeria’s dwindling foreign exchange reserves amid economic challenges. The Central Bank of Nigeria (CBN) has directed banks to stop international transactions using naira cards due to difficulties in sourcing dollars at the official exchange rate.

This move severely limited Nigerians’ ability to make international payments with their local currency cards, impacting e-commerce, subscription services, and overseas transactions.

The recent resumption is attributed to improved foreign exchange liquidity and a narrowing gap between the official and parallel market exchange rates, which enabled banks to restore these services.

The reinstatement of international transactions on naira cards signals a positive step towards stabilising Nigeria’s economy and enhancing banking convenience for consumers, after a restrictive period during Buhari’s tenure.

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