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| Naira Cards Go Global Again: UBA, Wema Lead the Charge |
For cardholders, the shift means they can tap into services like Amazon, Netflix, eBay, AliExpress, YouTube, and Spotify without switching to dollar-denominated cards . UBA’s statement stressed “seamless and enhanced banking experiences” for Premium Naira Mastercard users, covering Gold, Platinum, and World variants. Wema Bank cheered “Your Wema Naira Mastercard just went global!” and highlighted dollar payments on major international sites .
Financial observers trace this U-turn to fresh liquidity in Nigeria’s official FX channels. Ayokunle Olubunmi, head of financial institutions ratings at Agusto & Co, notes that the premium on parallel-market rates has narrowed, cutting arbitrage incentives. This balance in demand and supply underpins banks’ confidence to reopen cross-border card services .
Charles Sanni, CEO of Cowry Treasurers, points to high domestic interest rates deterring speculative borrowing for FX gains. He adds that policy tweaks encouraging diaspora accounts have lifted remittance flows. As more funds enter Nigeria through formal channels, the central bank and government have shown they can manage dollar supplies safely .
In addition, oil prices have firmed amid global tensions, boosting Nigeria’s foreign reserves. Banks’ capital positions have strengthened, and new trading platforms have cleared FX backlogs. Together, these factors have enhanced Nigeria’s credit rating and revived market trust .
Between July 2022 and January 2023, most tier-one lenders paused international ATM and PoS transactions on Naira cards. Standard Chartered led the pullback, halting international Visa debit transactions in July 2022. First Bank followed on September 21, 2022, suspending Naira Mastercard global use. GTBank and Zenith joined the freeze by end-2022 and early-2023, respectively .
Original freeze sought conserving scarce dollars and protecting Naira but forced Nigerians tapping parallel market where rates soared ridiculously high. Rates peaked at ₦1,600 per US dollar mid 2023 up from ₦800 official rate driving costs skyward for importers manufacturers and online shoppers mercilessly. Informal FX trades ballooned with formal channels choked adding economy pressure substantially.
Now, with Naira cards going global again, individuals regain convenience and cost predictability. A university student in Lagos can renew a Netflix subscription without seeking a friend’s dollar card. A small-business owner can order foreign raw materials directly, avoiding costly middlemen.
Still, banks have set monthly caps to limit exposure. Wema and UBA each impose a $500 cap per card. Customers must plan purchases within that envelope or switch to existing dollar cards for additional needs. Some experts expect other banks to follow with similar limits.
Looking ahead, analysts say sustained FX stability depends on continued policy discipline. The Central Bank’s recent move to allow non-resident Nigerians’ dollar accounts has brought in an extra $1.2 billion in diaspora flows in Q2 2025 alone. If that trend holds, Naira cards may soon see higher caps or full lifting of limits.
For now, customers should verify their card variant—only UBA Premium Naira cards and Wema Naira Mastercards are live. Card activation may require a quick mobile-banking toggle or branch visit. Banks urge users to contact customer care for any hiccups.
This restoration of international card payments marks a milestone in Nigeria’s FX recovery. It signals that the worst of the dollar crunch has passed. But customers and businesses alike should remain alert to rate shifts and plan ahead.