Finally, Nigerian Banks Resume Naira Card International Transactions Banned By Buhari

Restrictions on Naira Card International Transactions have been lifted.

Newsone Nigeria reports that several Nigerian commercial banks have resumed international transactions on Naira-denominated debit cards, after nearly three years of suspension by the Muhammadu Buhari administration, allowing customers to make payments on global platforms once again.

This online news platform recalls that the restrictions on Naira Card International Transactions came amid heightened demand for foreign currency in the lead-up to Nigeria’s 2023 general elections, which exacerbated the scarcity of U.S. dollars and strained the Naira.

During the suspension by the President Buhari government, many Nigerians were unable to pay for international services such as Twitter Premium, Apple subscriptions, and other foreign-based platforms, leading to revenue losses for global service providers and frustration among Nigerian consumers.

Until recently, only Providus Bank allowed its premium customers to use naira cards for dollar payments abroad.

However, Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), Wema Bank, Stanbic IBTC, and others have joined in, reopening access for customers to use their naira cards for global transactions.

In a message to customers, GTBank explained that its Naira card now has a quarterly international spending limit of $1,000, enabling “you to pay for your favourite items anywhere in the world.”

“This limit includes up to $500 for ATM withdrawals abroad and up to $1,000 for online and POS transactions. Please note that the $1,000 quarterly cap applies to all international transactions, including cash withdrawals, online purchases, POS payments outside Nigeria, and other related services,” it stated.

UBA also announced a similar update, but specifically for its premium cardholders, stating: “In line with our continued commitment to providing you with seamless and enhanced banking experiences, we are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions.

“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.”

Similarly, in its message to customers, Wema Bank stated: “Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms; Amazon, eBay, AliExpress? Netflix, Spotify, YouTube.”