Nigerian banks have quietly reinstated international spending on naira-denominated debit cards, years after a widespread suspension triggered by severe dollar shortages. This development marks a significant relief for millions of Nigerians who had been forced to rely on alternative payment methods for foreign transactions since 2022.
Wema Bank led the move, announcing that its customers can now use naira Mastercards and Visas for international payments, with a $500 monthly limit. The bank emphasized that the cap was put in place to encourage responsible spending while navigating current exchange rate dynamics.
The suspension of international transactions on naira cards had affected both personal and business users, disrupting access to online services, educational subscriptions, and global marketplaces. The resumption is a signal that foreign exchange liquidity may be improving under recent economic reforms.
While the limits are still conservative, industry observers view this as a step toward normalcy in Nigeria’s banking sector. Customers are advised to verify card eligibility and limits directly with their banks as other financial institutions quietly follow Wema’s lead.