Nigerian Banks Lift Suspension on International Transactions With Naira Cards

• Wema Bank has lifted the restriction on international transactions on naira cards
• The bank, in a message, told its customers that they can now transact business with naira cards to the tune of $500 per month
• The move signals the lifting of the suspension on international transactions on naira cards imposed by CBN in 2022

Wema Bank and other banks in Nigeria have lifted the suspension of international transactions on naira cards.

In an email sent to Legit.ng on Friday, July 14, 2023, Wema Bank said it imposed a $500 monthly limit on international transactions using naira cards.

CBN suspended use of naira cards for international transactions

The Central Bank of Nigeria (CBN) stopped Nigerian banks from international transactions using naira cards and imposed a $20 monthly limit on international transactions with dollar cards.

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TheCable reports that the development led to many commercial banks suspending the use of naira cards for international transactions, including web and Point of Sale (PoS) transactions.

Experts say that the move has caused untold hardships to many Nigerians and small businesses which lacked dollar cards for international or online transactions.

Wema Bank imposes $500 monthly limit on international transactions

The move by Wema Bank is seen as easing the flow of international transactions and boosting businesses in Nigeria.

Wema said:

“You can now use your Naira cards, including Mastercard, ALAT Mastercard, and Visa, for international spending. You can enjoy up to $500 per month for your international transactions.”

Nigerians expect other banks to follow suit and lift restrictions on international transactions on naira cards for their customers.

More Nigerian banks and fintech companies suspend international transactions on naira cards

Legit.ng reported that More banks in Nigeria have announced that they are stopping international and online transactions using naira cards.

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CBN releases names of international Money Transfer Operators, announces naira as payout option remittances

Tribune report said that Some of the banks said the suspension also affects Point of Sales (PoS) transactions and limits the amount customers could withdraw from offshore ATMs with dollar cards.

Some banks have already issued notices to their customers on the latest development.

Source: Legit.ng