Financial analysts and industry stakeholders have commended Nigerian banks for resuming international transactions on Naira-denominated debit cards, describing it as a promising sign of recovery in the country’s foreign exchange (FX) market.
The move—nearly three years after it was halted due to forex scarcity—now enables millions of Nigerians to once again make payments on global platforms such as Amazon, Apple, Netflix, and Spotify using their local Naira cards.
However, the reintroduced service comes with varying quarterly spending limits, sparking concern among customers and analysts over the lack of transparency in how those limits are determined.
Guaranty Trust Bank (GTBank) was one of the first financial institutions to notify customers of the policy change via a Friday email.
The bank stated that its Naira Mastercard holders can now spend up to $1,000 per quarter on international transactions. This amount applies to foreign website purchases, point-of-sale (POS) payments abroad, and ATM withdrawals—although ATM access is capped at $500 within the same quarter.
Yet, discrepancies have emerged. Bashir Ahmad, a former media aide to ex-President Muhammadu Buhari, revealed on social media platform X (formerly Twitter) that he received a $4,000 quarterly limit from the same bank.
GTBank has yet to provide public clarification on why limits differ across customers.
Financial analyst and forex policy expert, Dr. Kunle Olawoyin, said while the policy shift indicates economic progress, the opaque allocation of spending thresholds could damage customer trust.
“Banks should be more transparent about how these spending limits are determined. It likely involves credit history, KYC profiling, or account activity. But the absence of clear communication fosters uncertainty and dissatisfaction,” Olawoyin said.
Fintech consultant Olabisi Adebayo believes the tiered limits reflect cautious FX risk management by the banks.
“We’re seeing a gradual reintroduction of international access as banks manage their forex exposure. It’s a wise move, but they must improve customer education on the policy structure,” she noted.
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United Bank for Africa (UBA) has also reinstated international access on its Premium Naira Cards, which include Gold, Platinum, and World variants.
In a customer notice, UBA stated: “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.”
Wema Bank followed suit with a similar announcement, saying: “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.”
Analysts say the return of this functionality signals improved dollar liquidity and central bank support for broader forex reforms.
According to Adebayo, “Platforms like YouTube Premium and Spotify lost Nigerian subscribers when local cards stopped working. This restoration could help recover those lost revenues and simplify digital commerce.”
With GTBank, UBA, and Wema Bank reopening international channels, industry insiders expect other Tier-1 banks—such as Zenith Bank, First Bank, Access Bank, and Ecobank—to reintroduce similar services in the coming weeks.