Nigerian banks have started lifting the ban placed on the use of naira cards for international transactions almost a year after they suspended the service.
In a circular obtained by DAILY GIST, Wema Bank informed its customers they can start using their naira master cards for international transactions.
“It’s time to enjoy seamless transactions and make purchases internationally. You can now use your Naira cards, including Mastercard, ALAT Mastercard, and Visa, for international spending.,” Wema Bank said in a message to customers on Friday.
But the bank maintained a monthly transaction limit of $500.
“You can now use your Naira cards, including Mastercard, ALAT Mastercard, and Visa, for international spending. For your international transactions, you can enjoy up to $500 per month,” Wema said.
Following Nigeria’s foreign exchange crunch that lingered for years, banks began to suspend the use naira card for international transactions.
First Bank of Nigeria Limited, had, on September 30, suspended international transactions on its naira Mastercard, citing “current market realities on foreign exchange.”
GTBank suspended online and PoS transactions with naira cards, effective from December 31, 2022.
