By Toba Owojaiye | Lagos, Nigeria
In a bold and widely welcomed move, top Nigerian banks have restored international transaction capabilities on naira-denominated debit cards, ending nearly three years of frustrating restrictions that had trapped consumers in a maze of workaround solutions.
Truth Live News gathered that GTBank, UBA, Wema Bank and others have resumed foreign payments and ATM withdrawals on their naira cards,
once a mainstay for online shopping, streaming subscriptions, and global business transactions before the Central Bank’s 2022 clampdown triggered by severe forex scarcity.
“You can now use your GTBank Naira Mastercard for international transactions,” announced GTBank in a message to its customers on Friday. The bank has set a $1,000 quarterly limit, including a $500 ATM withdrawal cap, while UBA’s access is restricted to premium Gold, Platinum, and World cardholders.
Wema Bank followed with a similar notice, enabling naira Mastercard holders to once again make payments on global platforms such as Netflix, Amazon, Apple, Spotify, YouTube, and AliExpress, transactions that had become virtually impossible for the average Nigerian since 2022.
The shutdown, which began amid a crippling forex crisis, had forced millions of Nigerians to open domiciliary accounts, use virtual dollar cards, or rely on costly third-party channels just to make everyday international purchases. It was one of the most painful symptoms of Nigeria’s economic volatility.
But things have changed. Under the leadership of CBN Governor Olayemi Cardoso, a sweeping liberalization of the FX market and improved diaspora inflows have revived the naira’s strength and stability. The exchange rate has hovered steadily between ₦1,540–₦1,560 to the dollar, with analysts citing tighter monetary discipline, reduced arbitrage, and renewed investor confidence.
“This signals restored confidence in Nigeria’s external position,” said Charles Sanni, a financial analyst at Cowry Treasurers. “The banks wouldn’t resume this service if they weren’t confident in sustainable liquidity.”
Indeed, the move is not just about convenience, it is about optics and policy. The Central Bank’s reforms have narrowed the gap between official and parallel market rates, improving Nigeria’s creditworthiness and trust in its monetary framework.
Despite the green light, caution still governs the rollout. Most banks are enforcing spending caps to avoid a repeat of past FX drainage.
GTBank’s $1,000 quarterly ceiling is currently the benchmark, but there are whispers that premium-tier customers are quietly being granted up to $4,000.
UBA is taking a more exclusive route, granting international privileges only on higher-grade cards. Wema Bank, however, appears to be offering more universal access, signaling potential for wider adoption in the coming weeks.
Who Gains? Everyone
The ripple effect is significant:
Consumers can now shop, subscribe, and transact globally without needing dollar accounts.
SMEs and freelancers regain ease of paying for web services, software, and imports.
Banks earn FX-linked transaction fees, while rebuilding consumer trust.
Nigeria’s image as an economy open for business gets a timely boost.
This development also comes as Nigeria seeks to woo international investors, with several reforms underway in energy, digital finance, and trade. The timing is strategic.
Though this may seem like a technical banking update, it is far more symbolic. It marks a rare convergence of monetary reform, market confidence, and financial inclusion, a turning point for a country long hobbled by currency turbulence.
But challenges remain. Sustaining this progress will depend on the Central Bank’s ability to maintain FX inflows, curtail illicit outflows, and continue restoring transparency to the monetary system. Banks, for their part, must balance access with prudence.
Still, for millions of Nigerians long locked out of the global marketplace, this is a breakthrough, and a reminder that economic freedom can begin with something as simple as being able to pay for your Spotify subscription without a hustle.
“The card is back in your hand. And so is a measure of trust in Nigeria’s future.