Why Access, Zenith, UBA are Adjusting FX Rates on Naira Cards

Nigerian banks are quietly changing how they charge customers who use their naira cards for international payments. 

Access Bank, Zenith Bank, UBA and a few others have recently adjusted the foreign exchange (FX) rates on their debit cards, and many customers are only noticing it when they try to pay for online services or shop on international platforms.

This shift is not coming out of nowhere. It reflects what is happening in the wider forex market, where the dollar continues to trade at new levels as the naira struggles to hold its position. 

With each movement in the official and parallel markets, banks are forced to review the rate they use for card transactions.

Why banks are making the change

Banks do not set FX rates on their own. They follow the official guidance from the Central Bank of Nigeria (CBN) and adjust based on the cost of sourcing dollars. As the market becomes more volatile, the rate they use must be updated more often. 

For banks, keeping an outdated rate means losing money every time a customer makes a dollar payment.

So when the dollar trades higher, banks quickly reflect that new cost in naira card charges. This is why many customers are now seeing higher deductions than what they were used to just a few months ago.

What this means for customers

For everyday users, the first thing to expect is higher charges on international subscriptions from Netflix to Apple services to online learning platforms. Someone paying for a $10 service will now need more naira to complete that same transaction.

It also means that spending limits on naira cards may become less predictable. 

If the exchange rate rises, the amount you can spend in dollars may reduce, even if the bank has not changed the official limit.

Banks adjusting their FX rates is only a reaction to a broader challenge. Nigeria’s forex market is still trying to stabilise, and the cost of dollars continues to move based on demand, supply, and government policies. 

As long as the naira remains under pressure, banks will keep reviewing their rates to stay aligned with the market.

For now, customers who rely heavily on international payments may need to track these changes more closely. It helps to check your bank’s communication channels, review transaction alerts, and be prepared for occasional shocks.