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After three years of suspension, Nigerian banks are gradually resuming international transactions on debit cards denominated in naira. United Bank for Africa (UBA) and Wema Bank recently announced the reactivation of this service, marking an important step in the liberalization of foreign exchange operations in Nigeria. In separate press releases, the Nigerian banks announced...
Nigerian banks have resumed international transactions on Naira cards
For nearly three years, Nigerians have had to jump through hoops just to pay for basic international services, whether it was renewing Netflix, subscribing to Spotify, or making purchases on Amazon. That all changed recently.A few major Nigerian banks have now resumed international transactions on their naira-denominated debit cards, signalling a long-awaited relief for customers who’ve been stuck relying on virtual dollar cards, third-party fin…
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