By Erewunmi Peace

In a landmark move that signals renewed confidence in Nigeria’s foreign exchange market, several Nigerian banks have resumed international transactions on Naira-denominated debit cards, ending a suspension that lasted for over three years.

United Bank for Africa (UBA) and Wema Bank are among the first financial institutions to officially announce the reinstatement, allowing customers to make purchases and subscriptions on global platforms such as Amazon, Netflix, Spotify, YouTube, and AliExpress using their Naira cards.

UBA confirmed that the feature is currently available on its Premium Naira Debit Cards, including Gold, Platinum, and World variants. Wema Bank also reinstated international spending capabilities on its Naira Mastercard, with customers already reporting successful payments on foreign websites.

The decision follows a series of monetary reforms by the Central Bank of Nigeria (CBN) aimed at stabilizing the Naira and narrowing the gap between official and parallel market exchange rates. Analysts attribute the development to improved foreign exchange liquidity, increased diaspora remittances, and the return of investor confidence in the Nigerian economy.

What This Means for Nigerians
For millions of Nigerians, especially digital entrepreneurs, freelancers, and students, this move offers a much-needed relief from the burden of sourcing foreign exchange through costly and often unreliable black market channels. It also opens up more convenience and transparency in cross-border transactions.

Banks have advised customers to ensure their cards are upgraded and properly funded in order to access these services. Transaction limits and applicable exchange rates will apply, and customers are encouraged to contact their banks for specific terms.

Looking Ahead
This milestone could mark the beginning of a broader reactivation of international financial services across the Nigerian banking sector. If sustained, it promises to enhance the ease of doing business and strengthen Nigeria’s integration with the global digital economy.