Several Nigerian banks have resumed international transactions on Naira-denominated debit cards, marking the end of a three-year suspension.
This development follows improvements in Nigeria’s foreign exchange market, including increased liquidity, reduced arbitrage opportunities, and a more stable Naira.
These conditions have made it feasible for banks to lift previous restrictions on international spending.
As a result, Naira cardholders can now perform cross-border transactions such as online shopping, point-of-sale (POS) payments, and ATM withdrawals outside the country.
Banks Resuming the Service
Among the commercial banks that have already reinstated this service are Guaranty Trust Bank (GTB) and United Bank for Africa (UBA). Other banks are expected to follow in the coming weeks.
The move is expected to ease cross-border payment challenges and improve accessibility for individuals and businesses that rely on international transactions.
