UBA, Wema Reopen Naira Cards for International Transactions After 3-Year Halt

UBA, Wema Reopen Naira Cards for International Transactions After 3-Year Halt

ESTHER SALIFU, Abuja 

In a striking turn of events, two leading Nigerian banks, United Bank for Africa (UBA) and Wema Bank, have resumed international transactions on their naira debit cards, ending a nearly three-year suspension caused by foreign exchange restrictions

UBA announced that all its Premium Naira Cards including Gold, Platinum, and World variants are now enabled for global use. Customers can use their cards for everyday payments, online shopping, POS, and ATM transactions worldwide, offering greater ease and flexibility.

“You can now shop and pay internationally without worrying about restrictions,” the bank said.

Similarly, Wema Bank confirmed that its Naira Mastercard now supports payments in dollars on popular international platforms like Amazon, eBay, AliExpress, Netflix, Spotify, and YouTube.

“Your Wema Naira Mastercard just went global! Enjoy seamless payments on all your favorite international sites,” the bank stated.

This move follows recent improvements in Nigeria’s foreign exchange market.

Head of financial institutions ratings at Agusto & Co, Ayokunle Olubunmi, explained the resumption is driven by increased FX liquidity, a narrower gap between official and parallel market exchange rates, and fewer arbitrage opportunities.

“These factors have restored confidence in the FX market, allowing banks to reinstate international card transactions,” he said.

CEO of Cowry Treasurers, Charles Sanni, added, “High interest rates have discouraged currency speculation, leading to the naira’s appreciation against major currencies.”

He further highlighted the impact of increased diaspora remittances, improved investor confidence, and Central Bank of Nigeria policies supporting account openings for non-resident Nigerians, saying, “These developments have strengthened the FX market and banking sector resilience.”