Guaranty Trust Bank (GTBank) has increased the dollar spending limit on its Naira cards by 500 percent to $6,000 per quarter, up from $1,000 in July 2025, as liquidity conditions in Nigeria’s foreign exchange (FX) market continue to improve.
The bank disclosed the adjustment in a notice sent to its customers on Monday, stating: “Please note that the dollar limit on your Naira card is now $6,000 per quarter, and this rate is subject to change in line with prevailing market conditions.”
GTBank’s FX rate for international payments on its Naira card closed at N1,442 per dollar on Monday, the same rate as recorded on Friday.
According to Ayokunle Olubunmi, head of Financial Institutions Ratings at Agusto & Co., the latest increase was not directed by the Central Bank of Nigeria (CBN) but is rather an internal policy decision by individual banks.
“Each bank reviews its liquidity position and determines the transaction limits it can offer customers. This is not a CBN directive; it’s based on the availability of dollar deposits,” Olubunmi explained.
He added that when banks initially reinstated the use of Naira cards for international transactions, it was also a voluntary move by the commercial banks once they had accumulated enough foreign currency liquidity to support cross-border spending.
In July 2025, Deposit Money Banks (DMBs) in Nigeria reinstated the international use of Naira cards after months of suspension, with varying daily and monthly limits. At that time, GTBank set its international spending cap at $1,000 per quarter for Naira cardholders, allowing withdrawals of up to $500 from foreign ATMs and total online or POS spending of $1,000 over three months.
At First Bank, the international usage limit was set at $500 monthly, with transaction frequencies defined across channels. The bank permitted up to 10 cross-border ATM withdrawals per month, each attracting a fee of N5,000, and up to 20 monthly transactions on POS and web platforms at no extra cost.
The relaxation of these limits represents a significant reversal from 2022, when Nigerian banks were forced to slash international spending limits on Naira cards from $100 to as little as $20 per month amid severe dollar shortages. At the time, the official exchange rate at the Investors’ and Exporters’ (I&E) window was about N430 per dollar.
As of July 4, 2025, the rate had surged to N1,528.56 per dollar in the Nigerian Foreign Exchange Market (NFEM), underscoring the sweeping changes in Nigeria’s FX environment.
The latest upward review by GTBank and other banks signals renewed confidence in FX liquidity and greater stability in the foreign exchange market, following months of volatility and dollar scarcity that had disrupted international transactions for Naira card users.