Nigerian Banks Raise Dollar Spending Limits on Naira Cards as FX Liquidity Improves
By Aboki Forex —
Deposit Money Banks are increasing the amount naira cardholders can spend abroad. This follows rising dollar liquidity in the financial system.
The Central Bank of Nigeria cleared over $7 billion in unsettled FX backlogs. That decision boosted investor confidence, supported dollar inflows, and strengthened foreign reserves.
Nearly three years after the backlog clearance, FX inflows into the economy hit $112 billion in 2025. Market analysts say rising autonomous inflows, including diaspora remittances, foreign portfolio investment, and non-oil export proceeds, are driving dollar liquidity. Local banks are now leveraging this to expand dollar spending limits.
Guaranty Trust Bank yesterday raised its quarterly dollar spending limit on naira cards to $20,000. In an email to customers titled “Important Update on Your GTBank Naira Card,” the bank said cardholders can now spend up to $20,000 quarterly. “The Dollar Limit on your GTBank Naira Card is now $20,000 quarterly. The funds are reliably available on Point of Sale and online transactions,” it said. The bank had earlier pegged limits at $1,000 for online and PoS transactions and $500 for ATM transactions.
United Bank for Africa, FirstBank, and Wema Bank are also enabling international transactions on naira debit cards. In a notice to customers, UBA said the resumption aligns with its commitment to seamless banking. “All UBA Premium Naira Cards, including Gold, Platinum, and World variants are now enabled for international transactions,” the bank said. “You can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world.”
Wema Bank said customers can now “pay in dollars” with their naira cards. “Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms: Amazon, eBay, AliExpress, Netflix, Spotify, YouTube,” the bank said.
FirstBank said its Naira Mastercard can now be used for international transactions. “Shop online or spend up to $500 every month on your preferred channel seamlessly,” the bank said. It also launched Visa Signature, a premium card for Nigeria’s affluent segment, in partnership with Visa.
Chuma Ezirim, Group Executive for eBusiness and Retail Products at FirstBank, said: “At FirstBank, we are dedicated to creating financial solutions that reflect the evolving lifestyles of our customers.” Andrew Uaboi, Vice President and Cluster Head for West Africa at Visa, said: “Nigeria’s affluent consumers are among the most active and globally connected spenders on the continent. Visa Signature is designed to serve that profile.”
Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto and Co, said improved FX market liquidity supported the banks’ decision. “The moderating premium on the parallel market and reduced arbitrage opportunities are also responsible,” he said.
Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, attributed rising FX inflows to higher oil prices and multiple inflow channels created by the CBN. He said the apex bank activated multiple FX sources, including new International Money Transfer Operator licenses, a willing buyer-willing seller model, and timely naira liquidity for IMTOs. These measures simplified dollar inflow channels for authorized dealers and other players.