Analysts Optimistic About Boost in Nigeria's Reserves Through Foreign Card Transactions

The recent implementation of multi-factor authentication for foreign card transactions in Nigeria is projected to enhance reserve accretion, security, and user experience. This initiative aims to attract foreign capital, encourage formal inflows, and bolster confidence in the country's financial system.

Notably, foreign capital inflow has surged to $20.98 billion in the first 10 months of 2025, reflecting a 70% increase from the previous year. Major banks like UBA PLC, FirstBank, GTBank, and Wema Bank PLC have resumed international transactions with Naira debit cards, aligning with the Central Bank of Nigeria's directive to enhance transaction security and user experience.