Commercial banks in Nigeria have resumed international transactions on naira-denominated debit cards, bringing significant relief to millions of customers after nearly three years of restrictions due to foreign exchange (FX) shortages.

Leading Nigerian banks United Bank for Africa (UBA), Wema Bank, and GTBank, announced the reinstatement of international spending on naira cards in separate communications to customers. The banks attributed the decision to improved FX liquidity in Nigeria, which has strengthened their ability to support cross-border payments.

“In line with our continued commitment to providing you with seamless and enhanced banking experiences, we are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions,” UBA stated in its notice to customers.

The resumption of international transactions on naira debit cards marks a positive development for Nigeria’s financial sector, signaling growing stability in the foreign exchange market. It also restores convenience for Nigerian customers who need to make payments abroad, shop online from international merchants, or pay for global services directly with their naira cards.

Financial analysts see this move as a sign of recovery in Nigeria’s FX market, which could encourage more confidence in the naira and improve business and consumer sentiment.