Two leading Nigerian commercial banks, United Bank for Africa (UBA) and Wema Bank, have announced the reinstatement of international transactions on their naira-denominated debit cards, marking a major shift after nearly three years of restrictions triggered by foreign exchange (FX) challenges.
In separate notifications to their customers, both banks confirmed that their naira cards can now be used for payments and withdrawals on international platforms and locations.
UBA, in a recent notice, said that all its Premium Naira Cards, including Gold, Platinum, and World variants, have been reactivated for international use.
“In line with our continued commitment to providing you with seamless and enhanced banking experiences, we are pleased to inform you that all UBA Premium Naira Cards… are now enabled for international transactions,” the bank stated.
According to UBA, cardholders can now make payments for online shopping, POS transactions, and ATM withdrawals globally. The bank encouraged customers to take advantage of the restored feature and “rediscover the convenience and prestige” of being a UBA premium cardholder.
Similarly, Wema Bank, in its own announcement, declared that its Naira Mastercard now supports dollar payments on popular international platforms such as Amazon, eBay, Netflix, Spotify, YouTube, and more.
“Your Wema Naira Mastercard just went global!” the bank said. “Now you can pay in dollars on all your favourite international platforms.”
According to Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co, the reactivation of international transactions is being driven by improved liquidity in the foreign exchange market, which has reduced arbitrage opportunities and narrowed the gap between the official and parallel market rates.
“The moderating premium on the parallel market and reduced arbitrage opportunities is responsible for the decision,” Olubunmi said.
Between mid-2022 and early 2023, several Nigerian banks suspended international transactions on naira cards due to a severe shortage of foreign exchange and rising demand pressure on the naira.
The Central Bank of Nigeria (CBN) had struggled to supply adequate FX, prompting commercial banks to restrict dollar-denominated transactions using local currency cards.
Fintech companies such as Flutterwave and Eversend also suspended their virtual dollar card services during this period.
With Nigeria’s FX outlook improving in 2025 under ongoing monetary reforms and renewed confidence in the naira, banks are slowly restoring international access for customers using naira-denominated instruments.
Industry stakeholders are hopeful that more banks will follow suit, providing customers with wider transaction flexibility as FX stability improves and regulatory pressures ease.
