No Going Back On Naira Cards Use For International Transactions – Cardoso

The Central Bank of Nigeria’s Governor, Olayemi Cardoso, has said that the use of naira cards for international transactions has “come to stay”.

The comment comes following the recent lifting of the suspension on naira cards for international transactions by Nigerian banks.

The apex bank governor disclosed this on Tuesday at the 301st Monetary Policy Committee Meeting held in Abuja.

The central bank boss disclosed that Nigeria’s foreign exchange reserves have hit $40.11bn.

Cardoso also disclosed that the $40.11bn reserve level represents approximately 9.5 months of import cover.

He said this signals a significant boost to Nigeria’s foreign currency buffer.

Cardoso said, “Since the foreign exchange market is working a lot better and more smoothly, with the result that it has encouraged inflows into that market, of course reference is constantly being made to the fact that Nigeria has moved away from the very difficult situation where there were subsidies on the foreign exchange, on the fuel subsidies, on the fuel side.

“And of course, reference is made to the fact that these measures, painful though they may be, have resulted in stability in the foreign exchange markets, there’s positivity with our trade surplus, and it has restored investor confidence.

“I was quite struck with having a discussion with somebody just yesterday, and he showed me a dialogue that he had with his travel agents, where he was owing the travel agent some money, and the travel agent said, please, I know you normally give me my money in dollars, but I’m very happy to take it in Naira.”

Cardoso explained that the differences between the parallel market rate and the official rate have reduced.

Recall that United Bank of Africa (UBA), Wema Bank, the Guaranty Trust Bank (GTB) and other banks on July 4, 2025, notified their customers of the resumption of naira card services for international transactions.

Cardoso said the commencement is not temporary.

“Some of the banks are now allowing you to use your Naira cards when you travel. Those things are here to stay. They are not a measure. They are here to stay,” he added.