Story perspectives

Nigerian Banks Resume Global Transactions with Naira Cards

7/6/2025

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Summary

Story summary

Major Nigerian banks, including UBA and Wema Bank, have restarted international transactions on naira-denominated debit cards after a three-year pause.
Customers can now make global online purchases, ATM withdrawals, and POS transactions.
The Central Bank of Nigeria's efforts have improved foreign exchange liquidity, prompting this policy change.
Analysts predict more banks may adopt similar measures if FX conditions stabilize, benefiting consumers and businesses.
This shift reflects renewed confidence in Nigeria's FX market and reduces dependence on alternative payment methods.

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Story summary

Major Nigerian banks, including UBA and Wema Bank, have restarted international transactions on naira-denominated debit cards after a three-year pause.
Customers can now make global online purchases, ATM withdrawals, and POS transactions.
The Central Bank of Nigeria's efforts have improved foreign exchange liquidity, prompting this policy change.
Analysts predict more banks may adopt similar measures if FX conditions stabilize, benefiting consumers and businesses.
This shift reflects renewed confidence in Nigeria's FX market and reduces dependence on alternative payment methods.