Wema Bank lifts suspension on international transaction on naira cards

Nigerian lender, Wema Bank, has lifted its suspension of international transactions on naira cards.

The bank in a letter addressed to its customers announced the end of the suspension on international transactions conducted through naira cards.

This means customers using the bank mastercard can now use their naira debit cards to pay for transactions done in foreign currency.

In March 2022, the bank had joined other Nigerian banks to limit their monthly international spending limit on naira cards from $100 to either $20 or $50.

Subsequently, in September, the banks said that naira cards would no longer be used for international transactions, adding that the decision was due to market realities on foreign exchange.

Wema Bank went a step further to end cross-border payments with Naira cards in March.

The bank also had a $500 monthly limit on international spending conducted through its naira cards.

“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,” the bank said in a notice this week.

“Here’s what you need to know:

Expanded Possibilities: The Naira card allows you the freedom to make international purchases, explore international online stores, and buy from your favourite international brands. You know what? The world is now at your fingertips!

“Monthly Limit: To provide you with enhanced security and control, there is a $500 monthly spending limit for international transactions. This allows you to manage your expenses responsibly while enjoying the benefits of international spending.

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“Effortless Convenience: Your Naira card gives you the convenience of making payments in foreign currencies, eliminating the need for currency conversion or carrying excess cash. It’s a hassle-free and secure way to shop and transact abroad.”

The new development comes against the backdrop of President Bola Tinubu’s efforts to unify the nation’s multiple exchange rates as part of measures to attract investors into the economy.

The Central Bank of Nigeria had on 14 June announced the unification of all segments of the Nigerian forex market, collapsing all windows into the Investors & Exporters (I&E) window.