After more than three years of restrictions due to severe dollar shortages, Nigerian banks have resumed allowing customers to use naira-denominated debit cards for international transactions. This development signals improved dollar liquidity following President Bola Tinubu’s economic reforms, including the removal of strict currency controls in June 2023.

What Does This Mean for Customers?

Nigerians can now use their naira debit cards for:

• ATM withdrawals abroad
• Online payments (subscriptions, shopping, etc.)
• POS transactions overseas

This is a major relief for travelers, freelancers, and online shoppers who previously relied on alternative payment methods like forex cards or crypto.

New Spending Limits for Naira Cards

Most Nigerian banks have set a quarterly spending limit of $1,000 for international transactions. However, GTBank initially matched this limit but later increased it to $4,000 quarterly, giving customers more flexibility.

Key Takeaways:

• International ATM withdrawals are back – No need for a separate dollar card.
• Online payments restored – Pay for Netflix, Amazon, and other foreign services directly.
• Higher limits for GTBank customers – $4,000 quarterly vs. $1,000 with other banks.

Why Did Banks Lift the Restrictions?

The Central Bank of Nigeria (CBN) previously restricted naira card usage abroad due to:

• Dollar scarcity – Limited forex reserves made it difficult to support international transactions.
• Currency controls – Strict policies limited dollar access for card payments.

Since President Tinubu’s reforms, including the floating of the naira, more dollars have entered the economy, enabling banks to support international card transactions again.

What Should Customers Do Now?

1. Check with Your Bank – Confirm your specific limits (some banks may have different policies).
2. Monitor FX Rates – Transactions are still subject to exchange rate fluctuations.
3. Consider GTBank for Higher Limits – If you need more than $1,000 quarterly, GTBank offers up to $4,000.

Final Thoughts

The return of naira debit cards for international transactions is a positive step for Nigeria’s financial sector, offering convenience for travelers and online shoppers. While limits apply, the increased dollar liquidity suggests further easing of restrictions could follow.

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