Nigerian banks have resumed using Naira debit cards overseas following a three-year hiatus

Nigerian banks have allowed naira debit cards to be used for online and foreign transactions again, more than three years after they were taken away because of severe dollar shortages. The banks’ action shows that the dollar is easier to get after President Bola Tinubu’s changes. In June 2023, he got rid of currency controls, which let more dollars into the economy. 

GT Bank (GTCO.LG), which is one of the biggest banks by market value, said that naira debit cards could now be used up to $1,000 per quarter. “The quarterly limit covers all transactions, including ATM cash withdrawals, purchases on international websites, POS (point of sale) payments outside Nigeria, and many more,” the bank told clients in a notice. Standard Bank (SBKJ.J), which has a branch in South Africa called Stanbic IBTC, said that up to $500 a month could be spent on local credit cards. 

A $500 monthly cap is also put on naira debit cards by First Bank and Wema Bank (WEMABAN.LG), opens new tab. The naira has stayed the same this year, and now you can use your foreign cards again. LSEG records showed that on Monday, it was worth about 1,528 naira to the dollar. The naira has been supported by higher foreign exchange inflows and better reserves. Reserves stood at $39 billion in May, according to central bank figures. Foreign exchange inflows also rose to $28.92 billion in the first quarter of this year.