July 7, 2025 – Lagos, Nigeria
In a significant move that signals growing confidence in Nigeria’s foreign exchange (FX) market, several commercial banks have resumed international transactions on naira-denominated debit cards. This follows improvements in FX liquidity and stability, with analysts calling it a major relief for consumers and businesses alike.

Banks such as GTBank, First Bank, UBA, Providus Bank, and Wema Bank have restored cross-border payment services using naira cards, each setting new international spending limits.

GTBank now allows customers to spend up to $1,000 quarterly, including ATM withdrawals of up to $500 and combined Point-of-Sale (POS) and online spending of $1,000 within three months.

First Bank has set a $500 monthly limit for international naira card transactions. Cardholders are permitted up to 10 ATM withdrawals abroad, each costing N5,000, alongside 20 web and POS transactions monthly at no extra cost.

Wema Bank also reinstated cross-border payments with its naira Mastercard, ALAT Mastercard, and Visa cards, offering a $500 monthly international limit. Customers can now perform online purchases, ATM withdrawals, and POS transactions abroad without hassle.

Providus Bank introduced enhanced foreign spending limits for its Platinum Naira Card during the summer, though the bank did not disclose a specific cap.

This marks a reversal from strict restrictions imposed since 2022, when banks cut naira card limits from $100 to as low as $20/month amid severe dollar shortages and FX market instability. At the time, the official exchange rate hovered around N430/$, compared to N1,528.56/$ as of July 4, 2025, reflecting sharp currency devaluation and market realignment.

FX Market Reforms Driving Change

Experts say the resumed use of naira cards for international transactions reflects improved FX market liquidity and reforms by the Central Bank of Nigeria (CBN). According to Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), the FX situation has become more stable, restoring banks’ willingness to process cross-border payments.

“Liquidity in the FX market has improved significantly, and this has given banks more confidence,” Yusuf said. “It’s good for business and very convenient for Nigerians abroad.”

Razia Khan, Chief Economist for Africa at Standard Chartered Bank, noted that the move aligns with the IMF’s recommendations under Nigeria’s ongoing FX reform efforts. “With a floating exchange rate regime, there’s less need for rigid capital controls,” she explained.

Ayodeji Ebo, Managing Director at Optimus by Afrinvest, praised the policy direction:

“This proves that Nigeria’s FX management reforms are producing tangible results. More demand is now returning to the official window, reducing pressure on the parallel market.”

A Boost for Online Payments and Nigerian Travelers

The restored card functionality allows Nigerians to pay for visa fees, online subscriptions, cloud services, shopping, and travel-related expenses without relying on costly black-market FX or fintech workarounds. It also helps small businesses and e-commerce platforms by enabling smoother international payments.

Before now, Nigerians faced disruptions due to suspended naira card transactions, leading to missed payments on platforms like Netflix, Apple Music, Microsoft 365, and even domain and hosting renewals. The restrictions also limited student and professional access to essential services abroad.

This resumption is expected to boost investor confidence, improve ease of doing business, and support digital commerce in Nigeria’s economy.