Nigerian Banks Resume International Naira Card Transactions After Three Years

United Bank of Africa (UBA) and Wema Bank have resumed international transactions on their Naira debit cards after a three-year suspension caused by a foreign exchange (FX) scarcity. UBA's Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for global payments, online shopping, POS, and ATM transactions, while Wema Bank allows customers to pay in dollars on popular international platforms such as Amazon and Netflix. The decision to reinstate these services is attributed to improved liquidity in the FX market, a moderating premium on parallel market rates, naira appreciation, increased diaspora remittances, and restored confidence in FX management by the federal government and the Central Bank of Nigeria. This move marks a significant step towards economic revival, enhancing financial accessibility for Nigerians and easing overseas transactions. Other Nigerian banks had previously halted such transactions due to limited dollar availability, but the improved FX conditions have encouraged the reactivation of international payment capabilities. Both banks emphasize their commitment to providing seamless and enhanced banking experiences with this service restoration.