GTBank doubles naira card international spending limit to $40,000
By Aboki Forex —
Guaranty Trust Bank (GTBank) has doubled the quarterly international spending limit on its naira debit cards from $20,000 to $40,000. It is the first of Nigeria's 33 recapitalised commercial banks to reach this ceiling.
The bank confirmed the new limit in a message sent to customers on Wednesday, August 12, 2026. The message also carried the current exchange rate for international payments.
What the bank told customers
GTBank, the commercial banking arm of Guaranty Trust Holding Company Plc (GTCO Plc), said in the message: "The FX rate for International Payments on your GTBank Naira Card today, August 12, 2026, is $1/N1,370. FX rates are subject to change in line with prevailing market conditions. The quarterly spending limit on your Naira Card is $40,000."
The new ceiling allows eligible customers to make larger international payments covering tuition fees, medical bills, flight bookings, hotel reservations and other approved transactions using their naira cards, BusinessDay reports.
How the limit has climbed
The bank's international card limit has risen sharply in recent years. It was previously set at $1,000, then raised to $6,000, before reaching $20,000 ahead of the latest adjustment. Each increase has tracked improving conditions in Nigeria's foreign exchange market following reforms introduced by the Central Bank of Nigeria (CBN).
Naira movement
The announcement comes as the naira continues to shift. CBN data showed the naira lost N4.75 against the dollar at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, August 12, with the dollar quoted at N1,364.89 compared with N1,360.14 the previous day. That is a depreciation of 0.35%.
In the parallel market, the naira held steady at N1,424 per dollar, unchanged from the previous session. However, the gap between the official and parallel market rates widened to 4.71% from 4.32% on Monday.
In a separate earlier report, Legit.ng said the naira depreciated slightly against the dollar in the official market, with the NFEM closing at N1,502 per dollar. That represented a 0.20% or N3 depreciation compared with the previous day's closing rate of N1,499.
What it means
GTBank's decision gives Nigerian consumers and businesses more room to settle foreign-currency obligations through the formal banking system at a time when the naira is still finding its footing under the CBN's market-driven exchange rate framework.