Naira Cards Go Global Again: GTBank, First Bank, UBA, Lift International Transaction Ban.

Naira Denominated Cards Resume International Transactions: 

What You Need to Know

In a significant development for Nigerian consumers, several commercial banks have resumed international transactions using Naira-denominated debit and credit cards. This move comes after a three-year suspension due to foreign exchange (FX) liquidity challenges and monetary controls.

Banks such as GTBank, First Bank, UBA, and Wema Bank have officially notified their customers that Naira cards can now be used for:

• Online purchases(e.g., Amazon, Netflix, Spotify, AliExpress)
• POS payments abroad
• ATM cash withdrawals outside Nigeria

This reopening of international transactions is expected to ease financial constraints for Nigerians who previously relied on Dollar-denominated cards, which required cumbersome processes like sourcing FX from the black market and funding domiciliary accounts.

A Brief History of Naira Cards for International Transactions

For years, Nigerian banks allowed Naira-denominated cards (Visa, Mastercard) to be used internationally. However, due to severe FX shortages and the Central Bank of Nigeria’s (CBN) currency control measures, these transactions were suspended in 2022.

During the suspension, Nigerians faced difficulties making payments for:

• Online subscriptions (Apple, Twitter Premium, YouTube Premium)
• Software purchases (Canva, Adobe, Microsoft)
• E-commerce transactions (Amazon, eBay, AliExpress)
• Offshore ATM withdrawals and POS payments

The restriction led to lost revenue for global businesses and frustration among Nigerian cardholders, who had to resort to dollar cards—requiring domiciliary accounts and black-market FX purchases.

Why Were Naira Cards Suspended?

The suspension was primarily due to:

1. FX Liquidity Crisis – Nigeria’s declining foreign reserves made it difficult to meet dollar demands for international transactions.
2. Currency Controls – The CBN imposed restrictions to stem capital flight and stabilize the Naira.
3. Parallel Market Pressures – High demand for dollars on the black market widened the gap between official and unofficial exchange rates.

With the New Development: What Has Changed?

Banks have now reintroduced Naira card international transactions with new limits to manage FX demand. Below are the updates from key banks:

GTBank’s Announcement

Dear customers,

We are pleased to inform you that you now have a quarterly limit of $4000 on your GTBank Naira card to pay for all your favorite things anywhere in the world.

Transaction Limits:

Kindly  note that  the quarterly limit of $4000 covers international transactions, purchases on foreign websites, POS payments out side Nigeria and more. 

First Bank’s Announcement

Spend up to $1500 every three months!

FirstBank Mastercard can now be used for international transactions—shop online or spend up to $1500 every three months seamlessly.

Limits:

ATM, POS, WEB: $1500 quarterly

Daily Limits:

ATM: 10 transactions/day

POS: 20 transactions/day

WEB: 20 transactions/day

Fees:

ATM: ₦5,000 per withdrawal

POS and WEB: ₦0

 

UBA and Wema Bank Updates

UBA reactivated international transactions for premium Naira cards (Gold, Platinum, World).

Wema Bank announced:

Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favorite international platforms—Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.

Economic Implications of This Resumption

1. Easier Cross-Border Transactions – Nigerians no longer need domiciliary accounts for online payments.
2. Reduced Black Market Pressure – Legitimate FX demand may decrease reliance on parallel markets.
3. Boost for Digital Economy – More seamless transactions for freelancers, remote workers, and online shoppers.
4. Potential FX Demand Surge – Banks must manage limits to prevent another liquidity crisis.

This development is a major relief for Nigerians who depend on international transactions. However, the quarterly spending limits indicate that the CBN is still cautious about FX liquidity. If managed well, this could stabilize the Naira and reduce black-market dependency.