By 
Nigerian Deposit Money Banks (DMBs) are increasingly expanding international spending limits on naira-denominated cards as improved foreign exchange (FX) liquidity strengthens confidence in the financial system and boosts dollar availability.
The development follows sustained improvements in Nigeria’s FX market, driven by the Central Bank of Nigeria’s efforts to stabilise liquidity, including the clearance of more than $7 billion in outstanding FX obligations, a move widely credited with restoring investor confidence and supporting stronger capital inflows.
Industry analysts say improved dollar availability, supported by rising diaspora remittances, foreign portfolio investments, and non-oil export proceeds, has enabled banks to gradually restore and expand international transaction capabilities for naira cardholders.
According to market data, FX inflows into the economy climbed significantly, reaching approximately $112 billion by the end of 2025, reflecting growing confidence in Nigeria’s foreign exchange market and broader macroeconomic reforms.
Among lenders responding to the improved liquidity environment is Guaranty Trust Bank, which recently increased the quarterly international spending limit on its naira cards to $20,000.
In a customer notification titled “Important Update on Your GTBank Naira Card,” the bank stated that customers can now spend up to $20,000 quarterly on Point of Sale (POS) and online transactions abroad.
The new threshold marks a significant increase from the bank’s previous quarterly cap of $1,000 for POS and online transactions, while ATM withdrawals abroad had remained limited to $500.
Similarly, United Bank for Africa, First Bank of Nigeria, and Wema Bank have also resumed or expanded international transaction access for customers using naira debit cards.
UBA, in an earlier notice to customers, announced that its premium naira cards, including Gold, Platinum, and World variants, are now enabled for international payments, online shopping, ATM withdrawals, and POS transactions globally.
The bank said the move aligns with its commitment to providing customers with more seamless and enhanced banking experiences.
Wema Bank also informed customers that its naira Mastercard now supports dollar payments across global digital platforms, enabling users to transact on international services such as streaming platforms and global e-commerce websites.
Likewise, FirstBank disclosed that its naira Mastercard has resumed support for international transactions, allowing customers to spend up to $500 monthly across approved channels.
To further deepen premium banking offerings, FirstBank recently partnered with Visa to launch Visa Signature, a premium card product targeted at affluent customers, including business executives, entrepreneurs, and frequent international travellers.
Speaking on the initiative, Chuma Ezirim said the bank remains focused on developing financial products aligned with the evolving lifestyle needs of customers.
Also commenting, Andrew Uaboi noted that Nigeria’s affluent consumers rank among the continent’s most globally connected spenders, making premium payment solutions increasingly relevant.
Financial experts attribute the renewed confidence around naira card usage abroad to improving FX market conditions and reduced arbitrage opportunities.
According to Ayokunle Olubunmi, the moderation in parallel market premiums and stronger liquidity conditions have encouraged banks to reactivate global transaction capabilities on naira cards.
Similarly, Bismarck Rewane said stronger FX inflows have been supported by improved oil earnings and multiple inflow channels introduced by the CBN to enhance dollar supply and ease access for businesses and retail users.
He noted that initiatives such as expanding diaspora remittance channels, licensing additional International Money Transfer Operators (IMTOs), implementing a willing buyer–willing seller FX framework, and improving access to naira liquidity for remittance operators have contributed to a more efficient and liquid FX ecosystem.
As dollar liquidity continues to improve, analysts expect more banks to gradually increase international transaction limits, potentially easing cross-border payments for Nigerian consumers and businesses while supporting greater financial flexibility abroad.
Comments