Following Zenith Bank’s recent suspension of its international spending limits, UBA has also followed the trend as you won’t be allowed to conduct international transactions with your UBA naira cards starting on January 15th. This was received from email they sent to their subscribers recently.
“In line with our promise to keep you updated on services, you will no longer be able to use your Naira card for ATM, POS, or online international transactions effective January 15, 2023“
UBA has however recommended that their customers visit any of their branches to obtain the UBA Dollar Prepaid Card, which is not linked to an account and may be used for international transactions.
What you should know
The CBN governor stated that they will no longer provide dollars to banks as it has in the past and has asked them to seek FX earnings in order to meet their clients’ dollar needs.
The CBN also developed the “RT 2000 scheme,” which offers N65 for every dollar transacted at the I&E importers window; however, it pays differently than the Naira4Dollar plan. Through the initiative, non-oil exporters are expected to contribute $200 billion in foreign currency.
How will you make international payments in 2023?