Nigerian Banks Resume International Transactions on Naira Denominated Cards
Nigerians can now pay for foreign transactions with their naira denominated debit cards, eliminating the use of virtual dollar cards.
Nigerian Banks Resume International Transactions on Naira Denominated Cards
It's almost three (3) the Central Bank of Nigeria (CBN) halt the use of Naira denominated cards to make international transactions. The suspension, which started in 2022, was pinned on persistent foreign exchange (FX) pressures and dollar liquidity shortages. Now, several Nigerian banks including GTBank, United Bank for Africa, and Wema have announced the reinstatement of international transactions on Naira-denominated debit cards. Their Customers can now use naira debit card (MasterCard/Visa) to make payments globally. However, the resumption of naira debit card transactions on foreign websites come with varying quarterly spending limits as imposed by several banks. Meanwhile, customers are raising questions about why the transactions limitations was imposed this time again. Let's further explain it so that you can understand. Naira Denominated Cards for International Transactions Limits GTBank's Transactions Limits on Naira Card for International Transactions Guarantee Trust …
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