In a significant boost for Nigerian consumers, Guaranty Trust Bank (GTBank) and United Bank for Africa (UBA) have resumed international transactions on naira-denominated debit cards, ending a nearly three-year suspension prompted by foreign exchange (FX) shortages. The announcement, made on July 4, 2025, marks a pivotal shift in Nigeria’s banking sector, enabling customers to make payments on global platforms like Amazon, Netflix, and AliExpress once again.
The reinstatement comes with varying quarterly spending limits, tailored to account types or customer profiles. GTBank, for instance, has set a quarterly limit of $4,000 for its naira cardholders, as confirmed by Bashir Ahmad, a former aide to ex-President Muhammadu Buhari, via a post on X. UBA, meanwhile, has reactivated its Premium Naira Cards, including Gold, Platinum, and World variants, for international online shopping, POS, and ATM transactions. The bank emphasized its commitment to seamless banking experiences, encouraging customers to rediscover the convenience of its premium cards.
The suspension of international transactions began between 2022 and 2023 due to severe dollar liquidity issues and naira depreciation, exacerbated by heightened FX demand during Nigeria’s 2023 elections. This forced many Nigerians to rely on dollar-funded domiciliary accounts or third-party apps, causing frustration and revenue losses for global service providers. The resumption, supported by improved FX liquidity and reduced arbitrage opportunities, as noted by Agusto & Co’s Ayokunle Olubunmi, reflects a stabilizing economic environment.
While this development enhances customer convenience, questions linger about the criteria for spending limits and the sustainability of FX inflows. Other banks, like Wema Bank, have also joined the trend, signaling a broader industry shift. This move is expected to bolster Nigeria’s integration into the global digital economy.