Wema Bank resumes int’l transactions on naira cards, caps limit at $500

Wema Bank has resumed the use of the naira cards for international transactions but placed a limit on the value of transactions permitted.

Last year, Wema Bank and several other financial institutions suspended the use of naira cards for international transactions due to the dollar crunch.

This affected online transactions in Nigeria, as banks limited international spending to dollar cards, thereby, reducing the number of customers able to access the United States currency.

However, with the Central Bank of Nigeria (CBN) changing its foreign exchange policies to boost liquidity in the forex market, banks have also started readjusting their forex operation.

In an email to account holders on Friday, Ripples Nigeria gathered that Wema Bank told users that it has lifted the suspension of international transactions on the naira cards.

Wema Bank, however, capped the monthly foreign currency spend at $500 monthly, “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 wrote.

The firm added: “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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