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The restart of foreign transactions on their naira cards has been announced by two Nigerian commercial banks.
Wema Bank and United Bank of Africa (UBA) informed clients separately that the service has resumed for their naira cards.
About three years have passed since numerous banks stopped allowing foreign transactions using Naira debit cards.
The UBA said in a recent notification to consumers that the restart is consistent with its ongoing dedication to offering customers smooth and improved banking services.
“We are happy to notify you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions, in keeping with our ongoing commitment to provide you with seamless and enhanced banking experiences,” the announcement said.
This implies that you can now more easily and conveniently use your Premium Naira Card for regular payments, internet shopping, point-of-sale, and ATM transactions worldwide.
“Now is a great time to rediscover the convenience and prestige that come with being a UBA premium cardholder if you haven’t used your card recently.”
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In a recent statement, Wema Bank also announced that its customers can now “pay in dollars” using their naira cards.
“Your Wema Naira Mastercard has just expanded internationally! All of your favorite international websites, like Amazon, eBay, and AliExpress, now accept payments in US dollars. YouTube, Spotify, and Netflix,” the bank stated.
The reasons behind banks’ shift
The decision by banks to reactivate their naira crads for international transactions was bolstered by the increased liquidity in the foreign currency (FX) market, according to Ayokunle Olubunmi, head of financial institutions ratings at Agusto & Co.
“The decision is also due to the moderating premium on the parallel market transactions and the decreased arbitrage opportunities,” he stated.
Charles Sanni, the CEO of Cowry Treasurers, also stated that the banks’ choice might have been impacted by the thinned-out margin or difference between official and parallel market rates.
He claimed that because Nigerian interest rates are so high, borrowing money to speculate on foreign currencies should be avoided.
Additionally, the value of the naira has increased in relation to the other foreign currencies. Furthermore, the Central Bank of Nigeria (CBN) has implemented a new policy on the establishment of accounts for non-residents, specifically Nigerians living abroad, which has led to an increase in remittances from the diaspora, he said.
Sanni also mentioned how the simplicity of money transfers and capital repatriation has led to a resurgence of trust in FX management by the CBN and the federal government.
According to the CEO, Nigeria’s credit rating has improved, foreign exchange backlogs have been cleared, and there is a “new trading platform, increase in oil prices from geopolitical conflicts, and banks capitalization.”
A number of other banks similarly temporarily halted international transactions on ATMs and POS channels between July 2022 and January 2023.
The change was brought about by the ongoing FX shortage, which endangered the viability of important economic sectors.
International transactions on Standard Chartered Bank’s Naira Visa debit card were halted in July.
On September 21, 2022, First Bank of Nigeria (FBN) announced that it would stop allowing foreign transactions using their naira Mastercard.
Zenith Bank joined the fight on January 9, 2023, when Guaranty Trust Bank (GTBank) halted international payments on their naira Mastercard three months later.
Similar actions were taken by financial technology firms Flutterwave, Eversend, and others, which suspended their virtual card services for cross-border transactions.
