Nigerian banks have resumed international transactions on naira cards, nearly three years after the suspension due to foreign exchange (FX) shortages.
Nigerian banks have resumed international transactions on naira cards, nearly three years after the suspension due to foreign exchange (FX) shortages. United Bank for Africa (UBA), Wema Bank, and Guaranty Trust Bank (GTB) announced the change, prompting mixed reactions online.
While critics condemned the original policy as harmful, some viewed the reversal as a political ploy. “After years of the APC suspension of Nigerian cards for international transactions… The People won,” said X user @speechlessjay9. Another user, @oyemajaola, said, “Emefiele just woke up one morning [and] suspended it… life became a living hell for millions of Nigerians.”
Others praised President Bola Tinubu’s reforms. “Restoring international transactions on naira cards shows confidence returning to the financial system,” wrote @paynedre1. Between July 2022 and January 2023, banks including FBN, GTBank, and Zenith halted international card services amid FX scarcity, followed by fintechs like Flutterwave and Eversend.