GTBank, Access, UBA raise naira card spending limits abroad as FX confidence grows

By

Several Nigerian banks have raised the spending limits on naira debit cards for international transactions, giving customers broader access to foreign currency. Guaranty Trust Bank now allows up to $20,000 per quarter, more than three times the previous $6,000 cap.

Banks announce new limits

GTBank's new quarterly international spending limit of $20,000 replaces the $6,000 cap previously in place. It is also a 20-fold increase from the $1,000 ceiling that applied as recently as July 2025.

Access Bank has structured its limits by card type. Customers holding Visa Signature and Visa Platinum cards can spend up to $3,000 per month on international transactions. Holders of Visa Classic and Mastercard cards are limited to $2,000 per month. Access Bank was recently quoting an exchange rate of N1,378 per dollar for international payments processed through its naira cards.

United Bank for Africa (UBA) applied the same rate of N1,378 per dollar for naira card international transactions as of August 3, 2026. The bank urged customers to process their international payments early in the day, noting that exchange rates are revised daily to reflect prevailing market conditions.

Not all lenders have moved in the same direction. Stanbic IBTC currently caps international spending on its naira debit cards at $100 per month. That limit covers point-of-sale terminals, web payments and automated teller machine withdrawals abroad.

CBN FX reforms and student remittances

The upward revisions by individual banks follow a series of Central Bank of Nigeria measures designed to stabilise the foreign exchange market and widen access to dollars for legitimate purposes, BusinessDay reports. As part of its updated foreign exchange manual, the CBN increased the maximum amount Nigerian students abroad can receive in tuition fee remittances to $25,000 per semester, up from the previous $15,000 ceiling.

The relaxation of card limits is widely read as a sign that banks have grown more confident in the supply of foreign exchange available to cover international card transactions.

Naira slips marginally at NAFEM

Fresh data from the CBN showed the naira slipped slightly against the US dollar on Tuesday, May 19, at the official Nigerian Foreign Exchange Market (NAFEM). The local currency closed at N1,373.87 per dollar, a 17-kobo or 0.01% decline from the N1,373.70 per dollar recorded in the previous trading session.

For Nigerian consumers, the higher thresholds could ease some of the friction previously associated with paying for travel, online purchases, education and business expenses in foreign currency. The combination of higher card limits and improved dollar supply points to a gradual easing of the pressures that have constrained international spending on naira cards.

Forex News

Nigerian companies and sectors paying highest CEO salaries in 2026
ABOKI FOREX
Data becomes N3.67tn economy as consumption jumps 43% in H1 2026
ABOKI FOREX
Redmi Note 17 Pro Max launches globally, but no Nigerian price yet
ABOKI FOREX
Petrol price hits N1,310 per litre as MRS, Dangote stations adjust
ABOKI FOREX
Heritage Bank Depositors Demand Full Payment of Trapped Funds After Two-Year Wait
ABOKI FOREX
NAFDAC locks shops at Lagos Trade Fair Complex over unregistered cosmetics
ABOKI FOREX
VFD Group opens N20 billion commercial paper offer, yields up to 23.5%
ABOKI FOREX
Nigerian stocks rebound 0.81% in shortened week, ASI closes at 241,298.47
ABOKI FOREX
EFCC Extradites Two Nigerians to US Over Alleged Sextortion Deaths of Teenagers
ABOKI FOREX
Naira gains to N1,337/$ as weekly FX turnover falls 49%
ABOKI FOREX