UBA and Wema Bank restore international payments on naira cards after foreign exchange market stabilization.
Two leading Nigerian banks have resumed international transactions on naira cards, three years after the service was suspended amid severe foreign exchange constraints.
United Bank for Africa (UBA) and Wema Bank announced that customers can once again use their naira cards to make payments and withdrawals abroad, including online purchases on platforms like Amazon and Netflix.
Naira Cards Regain International Payment Capability
Bank Customers Can Now Shop Globally With Ease
In a message to its customers, UBA confirmed that its Premium Naira Cards—including Gold, Platinum, and World variants—are now active for international payments, including point-of-sale (POS), ATM withdrawals, and online transactions.
“You can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world,” the bank stated.
Wema Bank followed with a similar announcement, informing users that their Naira Mastercards have gone global. “Now you can pay in dollars on all your favourite international platforms,” it said.
Foreign Exchange Market Stability Fuels Policy Shift
Improved FX Liquidity and Narrowed Rate Spreads Drive Decision
According to financial analysts, the resumption was made possible by increasing liquidity in the foreign exchange market, and a reduction in the premium between official and parallel rates.
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“The moderating premium on the parallel market and reduced arbitrage opportunities supported the decision,” said Ayokunle Olubunmi, head of financial institutions ratings at Agusto & Co.
Charles Sanni, CEO of Cowry Treasurers, added that the appreciating naira, high interest rates, and improved diaspora remittances contributed to the renewed confidence.
“There has been increased confidence in FX management due to policy shifts by the federal government and the Central Bank of Nigeria (CBN),” he explained.
Naira Cards Were Previously Suspended Over FX Shortages
Banks Pulled the Plug During FX Crisis Between 2022–2023
The return of global access comes after a difficult period in which several commercial banks—including First Bank, GTBank, and Zenith Bank—halted the use of naira cards internationally due to the FX crisis that began in mid-2022.
Fintech platforms like Flutterwave and Eversend also suspended their virtual card offerings, citing the same systemic liquidity issues.
With Nigeria’s foreign reserves improving and oil revenues rising amid geopolitical tensions, banks are now in a better position to facilitate international payments using local currency cards.
CBN Reforms Encourage International Payment Accessibility
Policy Overhauls Drive Market Confidence and Capital Repatriation
Experts say recent CBN policies aimed at enabling account openings for non-resident Nigerians and easing fund repatriation processes have made it easier for banks to operate globally again.
“The restoration of FX-backed systems, the clearance of FX backlogs, and improved Nigeria credit ratings have given banks renewed flexibility,” said Sanni.
The development marks a significant milestone in restoring trust in Nigeria’s banking sector and could pave the way for a more digitized economy driven by global trade and cross-border transactions.
