Wema Bank lifts suspension on international transactions for naira cards, sets $500 limit

Wema Bank has announced that it is lifting the suspension on international transactions for naira cards.

This comes after the bank and other financial institutions suspended the use of naira cards for international transactions last year due to a shortage of dollars.

The suspension had limited online transactions in Nigeria and reduced access to the United States currency.

However, with the Central Bank of Nigeria changing its foreign exchange policies to boost liquidity, banks like Wema Bank are readjusting their forex operations.

Wema Bank has now lifted the suspension but has set a monthly spending limit of $500 for international transactions.

The bank states that this limit is in place to provide enhanced security and control for customers while still allowing them to enjoy the benefits of international spending.