Nigerian banks end years of embargo, resume international transactions on naira cards

Two Nigerian commercial banks have ended a five-year embargo on international transactions on their naira cards. The development comes barely five years after several commercial banks suspended international transactions on naira debit cards. In separate announcements to customers on Friday, July 4, 2025, Wema Bank and United Bank for Africa (UBA) stated that the service has been reactivated on their naira cards. In the UBA announcement, the bank stated that the resumption aligns with its continued commitment to providing clients with seamless and enhanced banking experiences. “In line with our continued commitment to providing you with seamless and enhanced banking experiences, we are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants are now enabled for international transactions,” the statement partly read. “This means you can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world, with more ease and flexibility. “If you haven’t used your card recently, now’s a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.” Similarly, Wema Bank informed its customers that they can now “pay in dollars” with their naira cards. “Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms; Amazon, eBay, AliExpress? Netflix, Spotify, YouTube,” the bank said. Between July 2022 and January 2023, several other banks also placed a temporary suspension on international transactions on ATMs and POS channels due to the crunching effects of chronic FX scarcity. The trend began with Standard Chartered Bank, which suspended international transactions on its Naira Visa Debit card in July. This was followed by First Bank of Nigeria (FBN), which announced on September 21, 2022, that international transactions on its Naira Mastercard had been suspended. Three months later, Guaranty Trust Bank (GTBank) halted global payments in naira, while Zenith Bank followed suit on January 9, 2023. Flutterwave, Eversend, and other financial technology platforms later joined the fray, suspending their virtual card services for international transactions.