Nigerian banks have resumed allowing naira debit cards for international transactions and online payments, ending a more than three-year suspension caused by severe dollar shortages.
The development reflects improved dollar availability following President Bola Tinubu’s 2023 reforms, which included removing currency controls to boost foreign exchange inflows.
GT Bank now permits up to $1,000 in quarterly spending on naira debit cards, while Stanbic IBTC, First Bank, and Wema Bank have each set a monthly limit of $500.
This restoration comes as the naira remains relatively stable, trading at around ₦1,528 to the dollar, supported by stronger reserves—reported at $39 billion in May—and increased foreign exchange inflows, which reached $28.92 billion in the first quarter of 2025.
Regional economic experts view the move as a sign of renewed confidence in Nigeria’s monetary stability and a positive shift for international commerce and online accessibility.
