GTBank introduces $20,000 quarterly limit for international naira card transactions at N1,381/$ rate
By Aboki Forex —
Guaranty Trust Bank has set a new quarterly spending cap of $20,000 for customers using naira debit cards for international transactions. The bank will process these transactions at an exchange rate of N1,381 per dollar.
The policy was announced in the bank’s latest foreign exchange update for international payments. It applies to online purchases, subscriptions, travel bookings, and other foreign currency expenses.
GTBank said the exchange rate reflects movements in Nigeria’s official foreign exchange market. At the close of trading on the official window, the naira settled around N1,372 against the dollar. However, checks on the bank’s mobile app showed FX sales quoted at N1,350 per dollar. The difference highlights how rates vary across official windows, banking platforms, and market segments.
The bank noted that exchange rates remain subject to change based on market conditions, liquidity levels, and demand. The quarterly limit is meant to manage dollar demand while keeping international payment services available for customers.
Nigerian banks have repeatedly reviewed limits on naira cards in recent years. Some temporarily suspended international transactions during severe FX shortages and currency volatility. Although the FX market has improved after Central Bank of Nigeria reforms, lenders are still cautious with dollar exposure.
For customers, the new $20,000 cap means international spending will now be tracked within a clear threshold. The limit is relatively high compared to restrictions some banks imposed during the worst of the FX crisis.
Industry watchers say the move helps GTBank balance customer demand with liquidity management in a volatile market.
In related news, CBN Governor Olayemi Cardoso said the naira’s recent stability is market-driven, not artificially supported. He spoke after the Monetary Policy Committee meeting in Abuja. Cardoso said reforms over the past two years have made the FX market more transparent and market-driven.