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Nigerian banks are easing restrictions on international transactions conducted with naira-denominated debit cards, signalling growing confidence that improved foreign-exchange liquidity can support increased dollar spending by customers.
The latest adjustment comes after years of tight foreign-exchange conditions that forced banks to impose stringent limits on international card transactions. The change is also being viewed as an early indication that reforms by the Central Bank of Nigeria (CBN) are beginning to translate into greater access to foreign exchange for households, students and businesses.
GTBank Raises Quarterly Limit to $20,000
Guaranty Trust Bank (GTBank) has introduced one of the most significant increases, raising its quarterly international spending limit to $20,000.
The new ceiling represents a major jump from the $6,000 quarterly limit introduced in November 2025 and is 20 times the $1,000 limit announced in July 2025.
The higher threshold gives eligible customers greater capacity to pay for international purchases, travel-related expenses, education and other permitted transactions using their naira cards.
Ayokunle Olubunmi, head of Financial Institutions Ratings at Agusto & Co, said the adjustment reflects improved liquidity in the foreign-exchange market while also giving banks an opportunity to increase revenue from international card transactions.
Access Bank, UBA Also Expand Capacity
Other major lenders have also increased the amount customers can spend internationally.
Access Bank currently quotes a daily rate of ₦1,378 per dollar for international payments made with its naira cards. Holders of its Visa Signature and Visa Platinum cards can spend up to $3,000 per month, while Visa Classic and Mastercard holders have a $2,000 monthly limit.
United Bank for Africa (UBA) also quoted ₦1,378 per dollar for international naira-card transactions as of August 3, 2026. The bank advised customers to complete transactions early because its exchange rates are updated daily in line with market conditions.
The adjustments indicate that lenders are becoming more comfortable supporting retail foreign-exchange transactions as dollar availability improves.
Stanbic IBTC Maintains Tighter Limit
Not all banks have adopted the same approach.
Stanbic IBTC continues to maintain a substantially lower international spending ceiling of $100 per month on its naira debit cards.
The limit applies to transactions conducted through point-of-sale terminals, online platforms and overseas ATMs.
The differing limits mean customers’ access to international spending remains dependent on the policies and risk-management decisions of individual banks.
Students Get Higher Tuition Remittance Ceiling
The easing of card restrictions coincides with a separate adjustment to foreign-exchange rules covering Nigerians studying abroad.
Under the CBN’s Foreign Exchange Manual, Fourth Edition, the maximum amount that can be remitted for undergraduate and postgraduate tuition has been increased to $25,000 per semester, up from the previous $15,000.
The higher threshold is expected to provide additional flexibility for families financing education overseas and businesses or institutions making eligible international payments.
CBN Says FX Market Is Stronger
The changes follow several years of reforms aimed at improving the functioning of Nigeria’s foreign-exchange market.
CBN Governor Olayemi Cardoso recently said market forces are increasingly determining foreign-exchange outcomes, reducing the need for the apex bank to intervene routinely in the market.
According to Cardoso, Nigeria’s net foreign-exchange reserves have risen to more than $40 billion, compared with just over $3 billion at the beginning of the reform programme. Gross reserves have also climbed to approximately $52 billion.
The stronger reserve position has given the CBN greater room to concentrate interventions on periods of market stress rather than supplying liquidity on a routine basis.
Improved Confidence in FX Market
Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE), said the increase in international card limits reflects stronger confidence in Nigeria’s foreign-exchange market.
According to Yusuf, the improved availability of dollars and greater stability in the exchange rate have reduced the urgency previously associated with obtaining foreign currency for legitimate transactions.
He said the development suggests that businesses and individuals are experiencing less pressure when accessing foreign exchange for international trade and other approved purposes.
A Reversal of Years of Restrictions
The latest changes represent a sharp reversal from the period when Nigeria’s dollar shortage forced banks to drastically restrict overseas card usage.
During the height of the FX crisis, some lenders reduced international spending limits to very low levels as banks struggled with foreign-currency settlement risks.
The current expansion therefore offers a visible measure of how conditions in the FX market have changed.
For Nigerian consumers and businesses, higher card limits could make international payments more predictable, while for banks, the development creates additional opportunities to generate income from cross-border transactions.
The sustainability of the trend, however, will depend on whether Nigeria can maintain foreign-exchange liquidity, reserve growth and stability in the naira market as demand for dollars continues to evolve.
