Nigerian banks have resumed dollar transactions on naira debit cards, ending a long pause caused by forex supply pressures.
Nigerian banks have once again started allowing customers to make international payments using their naira-denominated debit cards, following a long pause due to foreign exchange pressures.
Until recently, only Providus Bank used to allowed its premium customers to use naira cards for dollar payments abroad.
But now, Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), and Wema Bank, Stanbic IBTC, and others have joined in, reopening access for customers to use their naira cards for global transactions.
GTBank, in a message to customers, explained that its Naira card now has a quarterly international spending limit of $1,000, enabling “you to pay for your favourite items anywhere in the world.”
“This limit includes up to $500 for ATM withdrawals abroad and up to $1,000 for online and POS transactions. Please note that the $1,000 quarterly cap applies to all international transactions, including cash withdrawals, online purchases, POS payments outside Nigeria, and other related services,” it stated.
UBA also announced a similar update, but specifically for its premium cardholders, stating: “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.
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