…GTCo raises card limit twenty-fold to $20,000
Nigerian banks are loosening limits on foreign transactions for naira debit cards, providing the clearest sign yet that the Central Bank of Nigeria’s foreign-exchange overhaul is restoring dollar liquidity and stabilising the currency.
Guaranty Trust Bank Plc, one of the country’s big five banks, raised its quarterly international spending cap to $20,000. That marks a dramatic shift from the $6,000 limit imposed last November and a twentyfold jump from the $1,000 ceiling in July 2025. Access Bank Plc and United Bank for Africa Plc are also expanding capacity, though Stanbic IBTC Holdings Plc maintains a tighter monthly limit of $100.
The easing restrictions offer immediate relief to Nigerian households, students, and businesses long squeezed by crippling dollar shortages. Under updated central bank guidelines, the maximum tuition fee remittance for students abroad was also lifted to $25,000 per semester from $15,000.
“This reflects the improved liquidity in the foreign exchange market and shows the focus of banks in maximizing income from card payments,” said Ayokunle Olubunmi, head of financial institutions ratings at Agusto & Co.
The shift follows sustained policy interventions aimed at deepening the FX market. Central Bank Governor Olayemi Cardoso noted at an industry forum in Lagos that market forces now dictate trading outcomes rather than routine central bank bailouts. Cardoso said net FX reserves have rebounded to more than $40 billion from just over $3 billion at the start of the reform program, with gross reserves hitting roughly $52 billion.
Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE), said the increase in card spending limits reflects the significant improvement in liquidity and confidence in Nigeria’s foreign exchange market.
“It’s an indication that the liquidity in the foreign exchange market has improved significantly and we can see that from the stability of the exchange rate. We can also see that reflected in our foreign reserves. All of these things reflect the level of confidence,” Yusuf said.
According to him, businesses and individuals are no longer under pressure to obtain foreign exchange for legitimate transactions, unlike in the past when access to dollars was constrained.
“It also means that citizens and those who use foreign exchange are no longer desperate about foreign exchange usage. Whether you want to use it through your card or access it for international trade, there is no anxiety, there is no pressure and there is no desperation. All of these things have arisen because the level of confidence in the foreign exchange market and the outlook for the market have been very reassuring,” he said.
Yusuf added that the adjustment of international spending limits by banks demonstrates growing confidence in the sustainability of the foreign exchange market reforms.
“That is why we are seeing all these positive developments around the use of the naira card abroad and the limits that are now being adjusted by banks. It is a very good development, and I hope we can sustain it. I am confident we will.”
The increase follows a series of policy changes by the apex bank aimed at deepening the foreign exchange market and improving access to foreign currency for legitimate transactions.
Under the CBN’s foreign exchange manual, Fourth Edition, the maximum tuition fee remittance for Nigerian students pursuing undergraduate and postgraduate studies abroad was raised to $25,000 per semester, from the previous $15,000.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Access Bank recently published a daily exchange rate of N1,378 per dollar for international payments made with its naira cards. The bank allows holders of Visa Signature and Visa Platinum cards to spend up to $3,000 per month, while Visa Classic and Mastercard holders have a monthly limit of $2,000.
United Bank for Africa (UBA) also quoted N1,378 per dollar for international transactions on naira cards as of August 3, 2026, advising customers to complete transactions early because rates are updated daily in line with market conditions.
Stanbic IBTC, however, maintains a significantly lower international spending limit of $100 per month on its naira debit card, applicable across point-of-sale terminals, web payments and ATMs.
The banks’ renewed appetite for international card transactions aligns with the CBN’s assessment that Nigeria’s foreign exchange market has become sufficiently liquid to function with minimal intervention from the Central Bank.
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