Business
CBN Reforms Drive Return of Global Transactions on Naira Cards
CBN Reforms Drive Return of Global Transactions on Naira Cards
Nigerian banks are increasingly restoring and expanding international transaction limits on naira-denominated debit cards, a development being driven by improved foreign exchange liquidity and sweeping economic reforms introduced by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso.
The move marks a significant turnaround from the foreign exchange crisis that forced many Deposit Money Banks (DMBs) to suspend international transactions on naira cards for more than three years due to severe dollar shortages and mounting pressure on the country’s external reserves.
Industry experts say the resurgence of overseas naira card spending reflects growing confidence in Nigeria’s foreign exchange market following a series of reforms that have boosted dollar inflows, improved liquidity, and restored investor confidence.
Before the Cardoso-led management assumed office in October 2023, Nigeria’s economy was grappling with acute foreign exchange scarcity. Businesses, manufacturers, students and travelers increasingly relied on the parallel market to obtain dollars, fueling speculation and widening the gap between official and black-market exchange rates.
In response, the CBN embarked on far-reaching reforms aimed at restoring stability to the financial system. Key measures included the liberalisation of the foreign exchange market, the unification of exchange rate windows, the clearance of over $7 billion in foreign exchange obligations, and the discontinuation of direct central bank financing of fiscal deficits.
The reforms have contributed to a significant increase in foreign exchange inflows into the economy. Analysts estimate that total FX inflows reached about $112 billion in 2025, driven by stronger autonomous inflows, foreign portfolio investments, diaspora remittances, non-oil export earnings and improved investor sentiment.
The improved liquidity has enabled banks to gradually restore international spending capabilities on naira cards, offering customers easier access to global payment platforms and foreign transactions.
One of the most notable developments came from Guaranty Trust Bank (GTBank), which recently increased its quarterly international spending limit on naira cards to $20,000.
In a notice to customers titled “Important Update on Your GTBank Naira Card,” the bank announced that cardholders can now spend up to $20,000 quarterly through Point of Sale (POS) terminals and online platforms.
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The new limit represents a substantial increase from the bank’s earlier restrictions, which capped online and POS transactions at $1,000 quarterly while limiting ATM withdrawals abroad to $500.
Other major banks have also resumed international transaction services on naira cards.
United Bank for Africa (UBA) announced that its Premium Naira Cards, including Gold, Platinum and World variants, are now enabled for international transactions.
According to the bank, customers can once again use their cards for online shopping, international POS payments and ATM transactions across multiple countries.
Similarly, Wema Bank informed customers that its naira Mastercard can now be used for dollar payments on international platforms such as Amazon, eBay, AliExpress, Netflix, Spotify and YouTube.
FirstBank has also reactivated international transactions on its Naira Mastercard, allowing customers to spend up to $500 monthly across approved channels.
The bank recently partnered with Visa to launch Visa Signature, a premium card targeted at high-net-worth individuals, business executives and frequent international travelers seeking enhanced global payment solutions.
Speaking on the initiative, FirstBank’s Group Executive for eBusiness and Retail Products, Chuma Ezirim, said the bank remains committed to providing financial products that align with the evolving needs of customers.
Visa’s Vice President and Cluster Head for West Africa, Andrew Uaboi, noted that Nigeria’s affluent consumers are among the most globally connected spenders on the continent and require payment products with broader acceptance and enhanced benefits.
Financial analysts say the return of international naira card transactions is one of the clearest signs that liquidity conditions in the foreign exchange market have improved substantially.
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Head of Financial Institutions Ratings at Agusto & Co, Ayokunle Olubunmi, said reduced pressure in the parallel market and shrinking arbitrage opportunities have encouraged banks to reactivate overseas card spending services.
Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, attributed the improvement to stronger oil revenues and multiple foreign exchange inflow channels introduced by the CBN.
According to him, measures aimed at boosting diaspora remittances, licensing additional International Money Transfer Operators (IMTOs), implementing a willing-buyer willing-seller foreign exchange framework and improving access to naira liquidity have strengthened dollar supply within the financial system.
Economic analyst and founder of B. Adedipe Associates Limited, Prof. Abiodun Adedipe, believes broader structural reforms are also contributing to the improved outlook.
He pointed to the elimination of arbitrage opportunities in the foreign exchange market, fuel subsidy reforms, bank recapitalisation efforts, fiscal consolidation and ongoing tax reforms as measures that are improving Nigeria’s competitiveness and strengthening investor confidence.
Adedipe noted that Nigeria’s large population, growing urbanisation, expanding internet penetration and rising digital adoption continue to provide strong long-term growth opportunities for investors.
The CBN has repeatedly maintained that monetary reforms alone cannot deliver sustainable economic growth without complementary fiscal measures.
Governor Cardoso recently reiterated the apex bank’s commitment to ending direct deficit financing while working closely with fiscal authorities to strengthen revenue mobilisation, improve public financial management and achieve long-term macroeconomic stability.
According to the CBN, reforms introduced since 2023 have contributed to improved foreign reserves, stronger investor confidence, enhanced liquidity in the official foreign exchange market and renewed access to international capital markets.
The reforms have also earned positive assessments from international institutions and rating agencies, many of which view the exchange rate reforms and foreign exchange backlog clearance as critical steps toward restoring confidence in Africa’s largest economy.
As foreign exchange inflows continue to improve, analysts expect more Nigerian banks to increase international spending limits on naira cards, providing greater convenience for travelers, students, online shoppers and businesses that rely on global payment platforms.
The development is increasingly being viewed as one of the most visible benefits of the CBN foreign exchange reforms, highlighting the impact of improved liquidity and market confidence on everyday banking services.
CBN Reforms Drive Return of Global Transactions on Naira Cards
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Business
Blessing Computers marks over 20 years of building trust, expanding access to genuine technology
Blessing Computers marks over 20 years of building trust, expanding access to genuine technology
For more than two decades, while Nigeria’s technology landscape has evolved at a remarkable pace, one company has steadily built its reputation on a less glamorous but enduring asset—trust.
Blessing Computers Limited, established in 2003 and incorporated by the Corporate Affairs Commission (CAC), has marked over 20 years of providing genuine technology products, ICT infrastructure solutions, technical support and after-sales services to individuals, businesses, educational institutions, government agencies and corporate organisations across Nigeria and beyond, reinforcing its position as one of the country’s dependable technology solution providers.
Reflecting on the role of technology in today’s society, the company said access to reliable digital tools has become increasingly critical to personal and economic development.
According to the Managing Director/Chief Executive Officer of the company, Mr. Blessing Ikhayere Usinode, “Technology has quietly become the infrastructure of modern life. It powers how students learn, how businesses operate, how professionals deliver their best work, and how individuals stay connected to the opportunities around them.
“But access to reliable, genuine, and well-supported technology has never been evenly distributed — and for many people across Nigeria, finding a trustworthy place to start has been the first and hardest challenge.”
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Headquartered in Computer Village, Ikeja, Lagos, Blessing Computers says its growth has been anchored on a simple philosophy of ensuring customers receive honest professional guidance, quality products and dependable support long after every purchase.
As an authorised Original Equipment Manufacturer (OEM) partner for globally recognised brands including Dell, HP and Lenovo, Blessing Computers supplies laptops, desktop computers, printers, network servers, networking equipment and a broad range of technology accessories.
It also offers products from other leading global technology manufacturers to meet the diverse needs of its growing customer base.
Beyond hardware sales, the company has expanded its offerings to include IT infrastructure deployment, system upgrades, network solutions, technical consultancy, repairs and maintenance, delivery services, deployment support, structured after-sales support and warranty management, positioning itself as a long-term technology partner rather than simply a retailer.
From its Lagos base, Blessing Computers has steadily expanded its reach across Nigeria while serving clients in international markets.
Over the years, the company said it has earned the confidence of businesses, institutions and organisations through consistent service delivery, professional expertise and an unwavering commitment to customer satisfaction.
The company says its sustained growth has been driven less by aggressive marketing than by referrals from satisfied customers and a reputation built on reliability, integrity and quality service.
Evaluating the milestone, Blessing Computers notes that technology goes beyond the devices people use every day, describing it as a critical enabler of education, business growth, productivity and economic opportunities.
The company reaffirms its commitment to delivering trusted technology products, expert technical support and innovative ICT solutions that help individuals and organisations embrace digital transformation with confidence while making reliable technology more accessible to Nigerians.

Blessing Computers marks over 20 years of building trust, expanding access to genuine technology
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Business
NNPCL delivered less than 25% of expected crude under naira-for-crude programme — Dangote
NNPCL delivered less than 25% of expected crude under naira-for-crude programme — Dangote
Dangote Petroleum Refinery has disputed claims by the Nigerian National Petroleum Company Limited (NNPCL) that it fully met its obligations under the Federal Government’s naira-for-crude programme, revealing that the national oil company supplied only three of the 14 crude oil cargoes expected under the arrangement.
The refinery said the deliveries represented less than 25 per cent of the crude volumes it anticipated receiving through the initiative, forcing it to source the majority of its feedstock from international suppliers to keep operations running.
The clarification follows NNPCL’s recent assertion that it supplied all crude cargoes made available under the naira-for-crude programme and did not withhold feedstock from the 650,000 barrels-per-day Dangote Refinery.
Responding to the claim, Dangote Refinery maintained that the crude volumes supplied under the arrangement fell significantly short of its operational requirements.
According to refinery officials, the facility received only about four million barrels of crude per month, compared with an expected allocation of roughly 13 million barrels monthly under the programme. The shortfall, the company said, made it impossible to rely solely on domestic crude supplies.
To bridge the gap, Dangote Refinery said it turned to international crude suppliers, purchasing additional feedstock from global trading companies and producers in Africa, the Middle East and other oil-producing regions.
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The refinery noted that the naira-for-crude initiative remains an important policy designed to support local refining, reduce pressure on Nigeria’s foreign exchange reserves and improve the availability of petroleum products in the domestic market. However, it stressed that the programme can only achieve its objectives if adequate volumes of crude are consistently supplied to local refineries.
The disagreement comes shortly after Dangote Refinery announced plans to begin selling refined petroleum products in United States dollars, citing rising production costs caused by inadequate domestic crude supply and increased dependence on imported crude purchased at international market prices.
The company explained that buying crude in dollars while selling refined products in naira had become increasingly unsustainable, particularly amid exchange rate volatility and higher global crude prices.
Industry analysts have warned that continued reliance on imported crude could increase production costs, place additional pressure on Nigeria’s foreign exchange market and ultimately affect domestic fuel prices.
At the same time, analysts noted that higher international oil prices could improve Nigeria’s export earnings, partially offsetting some of the economic pressures associated with increased crude import costs.
For its part, NNPCL maintained that it fulfilled its obligations by delivering every crude cargo allocated under the programme, arguing that crude supply depends on production levels, availability, contractual commitments and operational schedules.
The differing positions highlight the broader challenge of ensuring sufficient domestic crude supply for local refineries despite Nigeria being Africa’s largest crude oil producer.
Since commencing operations, Dangote Refinery has increasingly relied on a combination of domestic and imported crude to maintain production. The refinery is expected to play a pivotal role in reducing Nigeria’s dependence on imported petroleum products, improving energy security and expanding exports of refined fuels across Africa.
Industry stakeholders say strengthening the implementation of the naira-for-crude policy and guaranteeing consistent crude supply to domestic refiners will be critical to achieving the Federal Government’s goal of making Nigeria self-sufficient in refined petroleum products.
NNPCL delivered less than 25% of expected crude under naira-for-crude programme — Dangote
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Auto
Jetour Nigeria Unveils RELY R8, Rugged Luxury Pickup Built to Dominate Work, Adventure
Jetour Nigeria Unveils RELY R8, Rugged Luxury Pickup Built to Dominate Work, Adventure
Jetour Nigeria has unveiled the RELY R8, a premium pickup truck designed to combine rugged performance with luxury, advanced technology and exceptional versatility, setting a new benchmark for work and recreational vehicles in Nigeria.
Engineered to thrive in the country’s demanding terrain, the RELY R8 is built for agriculture, construction, logistics, security escort operations and weekend adventures, offering the toughness of a workhorse without sacrificing the comfort and refinement of a modern SUV.
The pickup boasts high ground clearance, impressive approach and departure angles, and a reinforced chassis designed to withstand harsh road conditions while delivering excellent stability, even in strong crosswinds.
Its all-terrain capability is enhanced by multiple driving modes, allowing drivers to switch effortlessly between mud, sand and paved roads. Whether tackling heavy-duty tasks or venturing off the beaten path, the RELY R8 is built to perform with confidence.
Inside, the vehicle departs from the traditional utilitarian pickup design, featuring a spacious SUV-inspired cabin that comfortably accommodates five adults while offering a premium driving experience.
Speaking on the new model, Jetour Nigeria representative, Kemi Adeola, described the RELY R8 as a perfect blend of strength, innovation and comfort.
“The RELY R8 delivers strength, reliability and advanced technology in one vehicle. It offers the capability of a modern workhorse without compromising on premium comfort or safety,” she said.
The pickup is equipped with a high-performance processor that powers its L2+ intelligent driving assistance system. It also features a 12.3-inch HD touchscreen infotainment system with Apple CarPlay, Android Auto and remote engine start for enhanced convenience.
Safety is another major highlight of the RELY R8, with features including Intelligent Cruise Control, Lane Keeping Assist and Autonomous Emergency Braking, all designed to provide greater confidence and protection on every journey.
Jetour Nigeria has continued to strengthen its presence in the country’s automotive market, earning recognition as the Fastest Growing Auto Brand in Nigeria, while its Jetour Dashing SUV won the prestigious Car of the Year award. The company has served as the sole authorised distributor of Jetour vehicles in Nigeria since 2022.
The RELY R8 is backed by comprehensive manufacturer support, genuine spare parts and professional after-sales service through Jetour Nigeria’s network of authorised dealers, including Elizade Nigeria Limited, New Era Autovehicle Services Limited, Kojo Motors, Germaine Auto Centre, R.T. Briscoe Plc, TAB Autos Limited and Mandilas Motors.
Jetour Nigeria has invited prospective customers to visit any of its authorised dealerships nationwide to book a test drive and experience firsthand the RELY R8’s blend of rugged capability, cutting-edge technology and premium comfort.
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