Nigerian banks have resumed the use of naira debit cards for international transactions and online payments, more than three years after financial institutions suspended the service due to acute dollar shortages.

The move by the banks signals improved dollar availability following reforms under President Bola Tinubu, who in June 2023 scrapped currency controls, increasing the flow of dollars into the economy.

GT Bank, among the largest by market value, said naira debit cards could now be used with a limit of $1,000 a quarter, covering all transactions, including ATM cash withdrawals, purchases on international websites, POS (point of sale) payments outside Nigeria, and many more.

Other banks including Stanbic IBTC, First Bank and Wema Bank also set specific monthly limit on naira debit cards.

READ ANOTHER STORY – https://classic97.net/tinubu-global-reforms/