The naira closed the primary week of July 2025 on a powerful word throughout a number of segments of the international change (FX) market, buoyed by improved liquidity as a number of Nigerian banks resumed worldwide transactions with Naira playing cards.
On the official market, the native forex appreciated marginally by N1.01 to shut at N1,528.56 per greenback on Friday, in comparison with the N1,529.57 seen on Tuesday, which was the primary buying and selling day of the month. The market has operated for 4 days because the month started.
Within the parallel market, additionally known as the black market, the naira additionally gained power, appreciating by N3 in the course of the week to settle at N1,557 per greenback on Friday, from N1,560 quoted on Tuesday.
This renewed power is attributed partly to improved FX liquidity and the ensuing market stability, which has given banks the arrogance to renew cross-border card transactions that had been suspended for months.
Inside the week, main industrial banks together with Warranty Belief Financial institution (GTBank), United Financial institution for Africa (UBA), Wema Financial institution, and Stanbic IBTC reactivated worldwide utilization on Naira-denominated debit playing cards, enabling clients to make purchases and withdrawals overseas.
GTBank, in a discover to its clients, introduced a quarterly worldwide spending restrict of $1,000 on its Naira card. The breakdown exhibits that clients can withdraw as much as $500 from ATMs overseas and spend as much as $1,000 by way of on-line and POS channels inside the identical quarter.
“Pricey Buyer, we’re happy to tell you that you just now have a quarterly restrict of $1,000 in your GTBank Naira Card to pay for all of your favorite issues anyplace on the planet,” the financial institution said.
The financial institution famous that the whole $1,000 quarterly cap covers all worldwide utilization, together with ATM withdrawals, on-line purchases from international platforms, and in-store transactions overseas.
This transfer comes after months of tight restrictions attributable to international forex shortages and volatility within the change market, throughout which most banks suspended worldwide card transactions.
With FX circumstances stabilising, banks are actually step by step lifting these restrictions, providing aid to clients who depend on Naira playing cards for on-line subscriptions, journey bills, and funds on international platforms.
GTBank urged clients needing additional particulars to contact GTConnect, its 24-hour customer support centre, and reiterated that phrases and circumstances apply.
The resumption of cross-border Naira card utilization, coupled with improved liquidity, is seen by analysts as a constructive signal for Nigeria’s FX market, reflecting cautious optimism within the monetary sector as reforms proceed to take root.
In a message to its clients, UBA introduced the reactivation of abroad funds on its premium naira playing cards. “According to our continued dedication to offering you with seamless and enhanced banking experiences, we’re happy to tell you that every one UBA Premium Naira Playing cards, together with Gold, Platinum, and World variants, are actually enabled for worldwide transactions,” the financial institution mentioned.
Wema Financial institution additionally confirmed the event, telling its clients that they’ll now perform dollar-denominated transactions utilizing their naira playing cards. “Your Wema Naira Mastercard simply went international! Now you may pay in {dollars} on all of your favorite worldwide platforms, Amazon, eBay, AliExpress, Netflix, Spotify, YouTube,” it mentioned in a press release.
This marks a return to cross-border performance for Naira playing cards, which had been restricted by banks together with GTBank, UBA, Entry Financial institution, First Financial institution, Zenith Financial institution, and Ecobank. These banks suspended worldwide card utilization between 2022 and 2023 as Nigeria battled intense international change pressures and greenback liquidity shortages.
