FX Liquidity Boost: Nigerian Banks Resume Naira Payments for Foreign School Fees and Medical Bills

Nigerian banks have resumed accepting naira card payments for international tuition fees and medical bills, following a period of suspension caused by severe foreign exchange (FX) shortages. This development marks a significant relief for Nigerians who have struggled to settle critical overseas payments due to the scarcity of U.S. dollars.

Improved FX liquidity in the banking sector has enabled institutions like GTCO and Ecobank to begin facilitating these international transactions once again. GTCO, in particular, issued a customer notice encouraging users to pay foreign tuition fees directly from their naira accounts using its online Form ‘A’ application process for education-related remittances.

The resumption of naira payments for international services is part of a broader turnaround in Nigeria’s FX landscape. For months, citizens and businesses had faced hurdles in accessing dollars through official channels, affecting everything from schooling abroad to healthcare access. This revival signals growing confidence in FX reforms and liquidity inflows.

Industry insiders suggest that other Nigerian banks will likely follow the lead of GTCO and Ecobank, restoring payment channels previously disrupted by the FX crunch. The move could ease pressure on families with overseas financial obligations and signals stabilizing trends in Nigeria’s monetary policy environment.

The restoration of these services comes on the heels of broader economic optimism, including the International Monetary Fund (IMF) recently maintaining Nigeria’s GDP growth forecast at 3.4% after a rebasing exercise. With improved access to FX and restored payment functionality, stakeholders are hopeful for a more stable and responsive financial ecosystem in the months ahead.

Source: Business day