Banks Resume International Use of Naira Cards as Dollar Inflows Strengthen

Commercial banks in Nigeria have lifted the over three-year ban on using naira debit cards for international transactions, following a significant improvement in dollar liquidity.

United Bank for Africa (UBA) Plc and Wema Bank Plc have announced that customers can once again use their naira-funded cards for payments and withdrawals abroad. This reversal comes after banks had previously suspended such services due to a shortage of foreign exchange, which forced many Nigerians to rely solely on domiciliary accounts funded with dollars.

Recent data show that Nigeria has been recording robust forex inflows, averaging $5.96 billion monthly since May 2025. Industry reports reveal that total foreign exchange inflows surged by 62% month-on-month in May alone, reflecting growing investor confidence fueled by macroeconomic reforms and a more stable naira.

Analysts at Financial Derivatives Company Limited attributed the positive trend to rising oil prices and the Central Bank of Nigeria’s (CBN) efforts to widen forex sources. The CBN has rolled out multiple initiatives, from enhancing diaspora remittances and licensing new International Money Transfer Operators (IMTOs) to adopting a willing-buyer, willing-seller FX model—all aimed at boosting dollar supply.

UBA, in a message to customers, highlighted that its Premium Naira Cards—including Gold, Platinum, and World variants—are now fully enabled for global transactions, covering online shopping, POS, and ATM services worldwide.

Wema Bank similarly informed its customers that their naira Mastercards can now be used for dollar payments on international platforms such as Amazon, Netflix, and AliExpress.

According to Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co, the improved forex liquidity and reduced arbitrage opportunities in the parallel market have underpinned banks’ decisions to reactivate these services.

Industry experts noted that this development will greatly ease travel and online payments for Nigerians, enabling seamless hotel bookings, reservations, and purchases using naira cards internationally.