Nigerians received welcome news this week as banks resumed the use of naira debit cards for international transactions, three years after a suspension triggered by foreign exchange (FX) constraints. GTBank, Stanbic IBTC, First Bank, Wema Bank, and UBA are among lenders now allowing customers to spend up to $500–$1,000 abroad using naira cards. The move comes as a relief to many Nigerians who have struggled to pay for international subscriptions and services due to previous restrictions.
According to analysts, the resumption of international transactions via naira cards is a direct result of improved FX liquidity and reforms by the Central Bank of Nigeria (CBN). The naira has appreciated by almost ₦9 against the dollar since the announcement, reflecting increased investor confidence and greater availability of foreign exchange. The central bank has also significantly boosted the country’s net foreign exchange reserves, which reached $23.11bn—the highest in three years—strengthening the nation’s external buffer.
This development follows a series of aggressive monetary and fiscal reforms initiated by the Tinubu administration and the CBN, including unifying exchange rates, curbing fuel subsidies, and liberalising the FX market. Monthly FX inflows surged to an average of $5.96bn since May, driven by improved oil revenues and increased participation from foreign investors. Banks, encouraged by this momentum, have responded by restoring international spending access to naira cardholders, including support for platforms like Netflix, Amazon, and global POS transactions.
CBN Governor Olayemi Cardoso underscored that these positive trends are the result of deliberate policy measures aimed at rebuilding trust and creating a stable economic foundation. With renewed investor interest, strengthening reserves, and growing access to official FX channels, the return of international naira card use signals more than convenience—it marks a turning point in Nigeria’s ongoing economic recovery.
