Nigerian Banks Raise Naira Debit Card Spending Limits Abroad as FX Liquidity Improves
By Aboki Forex —
By Abdullateef Aliyu & Peter Moses
Nigerian banks are increasing international spending limits on naira debit cards. The move comes as improving foreign exchange liquidity strengthens confidence in the country’s financial system.
This marks a major turnaround. Severe dollar shortages had forced banks to suspend or sharply restrict the use of naira cards for overseas transactions.
The renewed flexibility for cardholders is driven by several factors. Rising foreign exchange inflows, reforms in the FX market, and improved investor sentiment are key contributors. The Central Bank of Nigeria’s efforts to restore economic stability also play a role.
Industry stakeholders say the trend reflects growing availability of foreign currency in the banking system. They add that it signals a broader recovery in Nigeria’s external sector.