Nigerian banks have restored international transactions on naira debit cards after more than four years of restrictions triggered by acute foreign exchange shortages, enabling citizens to once again make overseas purchases, ATM withdrawals and online payments.
Special Adviser on Media and Publicity to the President, Sunday Dare in a post on his Xhandle (formerly Twitter) said this has been made possible through the several reforms implemented by the President Bola Tinubu’s administration.
According to him, the change follows recent reforms in Nigeria’s foreign exchange market, including efforts to boost liquidity, and align with guidelines from the Central Bank of Nigeria (CBN) on cross-border payments.
NewsQuest reports that previously, chronic dollar scarcity had blocked such transactions since around 2020, forcing Nigerians to seek workarounds like black-market exchanges or virtual dollar cards.
“Following major foreign exchange market reforms and improved FX liquidity, Nigerian banks have restored international transactions on Naira cards under CBN cross-border payment guidelines,” Dare said.
The presidential aide said, now cardholders can access; ATM withdrawals abroad, Online payments to platforms like Amazon and Netflix, and Point-of-sale purchases outside Nigeria.
He said transaction limits however vary by bank but typically hover around $500 per month, or roughly $1,000 quarterly.
“A quiet but important sign that Nigeria’s FX market is stabilizing, all thanks to President Bola Tinubu’s vision,” the statement added.
Our correspondent gathered that major lenders including Access Bank, Zenith Bank, and GTBank have updated their policies, with notifications appearing in customers’ banking apps this week.
Some analysts view the development as a modest but positive indicator of stabilizing FX reserves, which stood at $33.6 billion as of late February.
Reforms initiated after President Bola Tinubu took office in May 2023, include unifying exchange rates and attracting inflows from diaspora remittances and foreign investment.
