July 7, 2025
In a major relief for Nigerian consumers and businesses, several Deposit Money Banks (DMBs) have resumed international transactions on naira-denominated debit cards, following notable improvements in the country’s foreign exchange (FX) liquidity.
The reinstatement comes after years of suspension due to severe FX scarcity, which forced banks to restrict or halt the use of naira cards abroad, limiting international e-commerce and offshore spending.
Confirming the development, banking sources revealed that customers can now carry out international online and point-of-sale transactions, though with varying daily and monthly spending limits depending on the bank.
For instance, some banks have set monthly spending limits ranging from $100 to $500 for international transactions, with others allowing daily purchases within the FX availability framework.
Banking executives attributed the move to the recent surge in FX inflows and the Central Bank of Nigeria’s (CBN) consistent interventions in the official market, which have stabilized exchange rates and restored confidence in the system.
“This reactivation reflects improved FX market conditions. It’s also a strategic step to support legitimate cross-border transactions, especially for students, SMEs, and digital services,” said a top official at a tier-one bank.
Customers have welcomed the development, noting that it will ease the burden of sourcing forex for basic needs such as subscriptions, tuition payments, and international purchases.
Analysts say this move signals a slow but steady recovery of Nigeria’s FX stability and a more favorable outlook for monetary reforms.
