Nigeria Reintroduces International Naira Card Transactions

Nigerian banks Monday, July 7, resumed international transactions using Naira-denominated debit cards, three years after the service was suspended due to a prolonged shortage of foreign exchange.

The restoration of the service follows foreign exchange reforms implemented by President Bola Tinubu in June 2023, which included the removal of currency controls. The move increased the flow of dollars into the economy and has allowed banks to reintroduce international payment services.

Guaranty Trust Bank (GTBank) informed its customers of a new quarterly limit for international transactions. “Dear customer, we are pleased to inform you that you now have a quarterly limit of $1,000 on your GTBank Naira Card to pay for all your favourite things anywhere in the world,” the bank said in a customer notice. It added that the limit applies to all international transactions, including ATM withdrawals, online purchases, and point-of-sale (POS) payments outside Nigeria. ATM withdrawals abroad are capped at $500 per quarter.

Stanbic IBTC, a subsidiary of South Africa’s Standard Bank, stated that customers could spend up to $500 per month on their naira credit cards. Other banks, including First Bank and Wema Bank, have also set international usage limits of $500 per month.

United Bank for Africa (UBA) announced the resumption of international usage for its Premium Naira Cards: Gold, Platinum, and World variants. “This means you can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world, with more ease and flexibility,” the bank stated in a notice.

The return of Naira debit card usage abroad allows Nigerian bank customers to make payments directly for international purchases and subscriptions in foreign currency without relying on virtual dollar cards, third-party platforms, or domiciliary accounts. The transactions, however, are subject to foreign currency availability and the prevailing exchange rate at the time of payment.

Foreign exchange conditions have shown signs of improvement. The Central Bank of Nigeria reported that foreign exchange inflows reached $28.92 billion in the first quarter of 2025. External reserves stood at $39 billion in May. The naira was trading at approximately ₦1,528 to the dollar on Monday.

The resumption of international transactions with naira debit cards is seen as a reflection of improving liquidity in Nigeria’s foreign exchange market and a response to growing demand for direct access to global payment platforms.