Business

CBN Reforms Drive Return of Global Transactions on Naira Cards

Published

3 months ago

June 7, 2026

CBN Revokes Licences of 46 Microfinance Banks (FULL LIST)

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

Auto

NAJA 19th Auto Awards: Industry’s best to battle for honours December 3

Published

19 hours ago

September 5, 2026

Trends Admin

NAJA 19th Auto Awards: Industry’s best to battle for honours December 3

The battle for recognition among Nigeria’s automobile brands, executives and industry players will reach its climax on December 3, 2026, as the Nigeria Auto Journalists Association (NAJA) stages the grand finale of its 19th annual automotive awards.

The prestigious ceremony, scheduled for the Civic Centre, Victoria Island, Lagos, is expected to bring together leading automobile manufacturers, distributors, dealers, financial institutions, policymakers, motoring enthusiasts and other major stakeholders in the automotive industry.

The organisers said the 19th edition is being designed to surpass previous editions in scale, organisation and glamour, without compromising the credibility and professional standards for which the awards have become known.

Chairman of the 2026 NAJA Awards Planning Committee, Frank Kintum, said the committee was determined to deliver a ceremony that would reflect the growing importance of the automotive industry to Nigeria’s economy.

According to him, the awards have evolved beyond a mere celebration of popular brands to become a platform for identifying and rewarding individuals, companies and products that have made measurable contributions to the development of the sector.

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Kintum said the 19th edition would be “bigger and more glamorous” than previous editions, adding that the committee was working to ensure that every aspect of the ceremony reflects the quality, innovation and achievements of the industry.

He said products, brands and personalities would be assessed across relevant segments of the automotive sector, with winners emerging through the approved NAJA awards modalities.

Also speaking on the awards, NAJA Chairman, Theodore Opara, said the association was focused on rewarding genuine excellence rather than simply celebrating the biggest players in the market.

Opara said the objective was to recognise individuals and organisations that had demonstrated measurable excellence and made meaningful contributions to the growth and transformation of Nigeria’s automotive industry.

He noted that the awards had continued to gain relevance among industry stakeholders because of the credibility attached to the judging and evaluation process.

The 2026 edition comes at a critical period for Nigeria’s automotive industry, which is undergoing significant transformation driven by emerging technologies, electric mobility, local vehicle production, changing consumer preferences and evolving government policies.

Against this backdrop, NAJA said the awards would provide an opportunity to celebrate companies and individuals at the forefront of these changes and those contributing to the future direction of the industry.

The association urged automobile manufacturers, distributors, dealers and other stakeholders to participate actively in the awards process as preparations gather momentum for the December 3 grand finale.

NAJA 19th Auto Awards: Industry’s best to battle for honours December 3

Auto

Jetour Takes Rely R8 Premium Pickup to Abuja in Major FCT Debut

Published

19 hours ago

September 5, 2026

Trends Admin

Jetour Takes Rely R8 Premium Pickup to Abuja in Major FCT Debut

Jetour Nigeria is taking the battle for Nigeria’s premium pickup market to Abuja with the debut of the all-new RELY R8, a heavy-duty pickup that combines rugged off-road capability with the comfort, technology and refinement of an executive SUV.

The premium pickup will headline the Jetour Experience in the Federal Capital Territory from September 22 to 24, 2026, following the strong reception recorded during the showcase in Lagos.

The Abuja edition is expected to attract government officials, corporate executives, fleet operators, business owners, automobile enthusiasts and members of the media, with prospective customers given an opportunity to experience the R8 first-hand.

The RELY R8 is positioned as a versatile workhorse designed to serve demanding sectors including agriculture, construction, logistics and security, while offering the level of comfort and sophistication increasingly demanded by premium pickup buyers.

Unlike conventional work-oriented pickups, the R8 seeks to bridge the gap between utility and executive motoring, combining heavy-duty capability with a refined cabin and advanced technology.

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Its off-road credentials are underpinned by high ground clearance, a reinforced chassis and an All-Terrain Management System featuring dedicated driving modes for mud, sand and asphalt.

The configuration is designed to give the pickup the versatility to move from challenging work environments to recreational adventures without compromising its rugged character.

Inside, Jetour has given the R8 a spacious five-seat cabin with SUV-inspired ergonomics, targeting drivers and passengers who spend long hours on the road.

The smart cockpit is powered by a high-performance processor and supports Level 2+ intelligent driving assistance. It also comes with a 12.3-inch HD touchscreen, Apple CarPlay, Android Auto and remote engine-start functionality.

For Jetour Nigeria, however, the R8’s appeal goes beyond performance and technology, with the company putting considerable emphasis on ownership support.

The automaker currently operates through seven accredited dealerships across the country, including Elizade Nigeria Limited, New Era AutoVehicle Services, Kojo Motors, Germaine Auto Centre, Tab Autos, R.T. Briscoe Motors and Mandilas Motors.

The network is expected to provide customers with access to authorised service facilities, genuine spare parts and manufacturer-backed warranty protection.

The company is also leveraging its growing presence in the Nigerian market, following industry recognition from the Nigeria Auto Journalists Association.

Jetour was recently named Fastest Growing Auto Brand of the Year by NAJA, while the Jetour Dashing won the Car of the Year award at the NAJA International Auto Awards.

The latest Abuja showcase is therefore expected to provide Jetour with another opportunity to strengthen its footprint in the premium and commercial vehicle segments, particularly among fleet operators and corporate users.

Jetour Nigeria is inviting prospective customers, automotive stakeholders and enthusiasts to register for test drives and obtain updates on the Abuja experience through its website, social media platforms or email.

With its combination of heavy-duty capability, off-road technology, premium cabin appointments and intelligent driving features, the RELY R8 is expected to be one of the major attractions of the Abuja automotive calendar this month.

Jetour Takes Rely R8 Premium Pickup to Abuja in Major FCT Debut

Business

BREAKING: OPay Warns Customers Against Viral Shutdown Message, Threatens Legal Action

Published

23 hours ago

September 5, 2026

Trends Admin

BREAKING: OPay Warns Customers Against Viral Shutdown Message, Threatens Legal Action

OPay, one of Nigeria’s leading digital financial services platforms, has dismissed reports circulating on social media claiming that the company is shutting down its operations or proceeding on an indefinite leave.

The company, in an official statement, described the messages as false and misleading, urging its customers and members of the public to disregard the reports and refrain from sharing unverified information.

The clarification comes amid messages being circulated across social media platforms allegedly advising OPay customers to withdraw their funds because the fintech company was purportedly preparing to shut down.

However, OPay said there was no basis for the claims, stressing that its operations remained fully functional and that customers could continue to use their accounts as usual.

“OPay remains fully operational, and your money is safe and secure,” the company stated, adding that its services were continuing to run normally.

The digital banking platform assured customers that they could continue using their OPay accounts “with confidence,” apparently seeking to calm concerns that may have arisen from the viral messages.

OPay further pointed to its regulatory status in Nigeria, stating that it is duly licensed by the Central Bank of Nigeria (CBN) and its deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).

The company said its regulatory and insurance status underscored its commitment to providing safe, reliable and convenient financial services to Nigerians.

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The fintech firm also revealed that the authorities had taken the circulation of the alleged false information seriously.

According to OPay, the Central Bank of Nigeria, in conjunction with security and law-enforcement agencies, is investigating the individuals responsible for creating and spreading the messages.

The company warned that those found culpable would face legal consequences.

“We take this matter seriously,” OPay said, adding that violators would be prosecuted “to the full extent of the law.”

The company also appealed to its customers to exercise caution when receiving information about its operations, particularly messages circulated through social media and other unofficial channels.

OPay urged users not to believe or share unverified claims, advising them to rely on the company’s official communication channels for accurate information concerning its services.

Reaffirming its commitment to the Nigerian market, the company said: “OPay is committed to Nigeria and Nigerians. We are here, and we are not going anywhere.”

The statement ended with an appreciation to customers for their continued confidence in the digital banking platform.

The development comes against the backdrop of the growing influence of digital financial platforms in Nigeria, where millions of customers use fintech applications for money transfers, payments, savings and other financial transactions. Consequently, unverified reports concerning the stability of a major digital banking platform can generate considerable anxiety among users.

OPay’s clarification therefore appears aimed at preventing panic withdrawals and reassuring customers that its services remain available.