Market News

SEVERAL Nigerian commercial banks, including Guaranty Trust Bank (GTCO), FirstBank, Zenith Bank and Access Bank, have raised the international spending limits on naira-denominated debit cards, giving customers greater capacity to make eligible payments abroad.

The adjustments come amid improved foreign exchange liquidity in the official market, following a period when dollar shortages forced banks to impose tight restrictions on international transactions conducted with naira cards.

The revised limits vary by bank and card type, with some lenders now allowing customers to spend thousands of dollars on eligible international transactions within specified periods.

GTCO has raised the quarterly international spending limit on its naira cards to $40,000, according to reports citing the bank’s revised card policy. The limit was reportedly increased from $20,000 in August 2026.

FirstBank’s Naira Mastercard reportedly carries a $10,000 cumulative quarterly limit for international point-of-sale and online transactions. Reports also put the card’s international ATM withdrawal limit at $1,000 daily.

Zenith Bank, meanwhile, permits international transactions of up to $50,000 annually on its naira cards, including Naira, Gold and Platinum debit cards, according to reports citing a customer notice.

The higher limits cover transactions such as international online purchases, subscriptions, tuition payments and certain overseas expenses, subject to individual banks’ terms and applicable regulatory requirements.

The latest changes represent a relaxation of restrictions imposed during the period of acute foreign exchange shortages, when some Nigerian bank customers had monthly international card limits of between $20 and $100, while others were required to use foreign currency accounts for overseas payments.

The adjustments have coincided with improved liquidity in the official foreign exchange market as the Central Bank of Nigeria (CBN) continues measures to strengthen the market and meet verified foreign exchange obligations.

The apex bank has also continued dollar sales to authorised dealers, helping to increase liquidity and moderate pressure in the foreign exchange market.

Improved inflows and measures aimed at clearing verified FX backlogs have also contributed to a more stable market environment, giving banks greater room to review international card limits.

Impact on customers, businesses

The higher limits could ease some of the difficulties faced by consumers and small businesses that depend on international digital services.

Remote workers and micro-enterprises, for instance, use international platforms for software subscriptions, digital advertising, e-commerce and other business services. Higher card limits could give such users greater flexibility in paying overseas service providers.

Consumers could similarly benefit from increased capacity to pay for eligible online purchases, education and other international services without relying solely on domiciliary accounts or alternative payment channels.

However, the exact limits and conditions remain bank-specific and may change in response to market conditions, card categories, transaction types and regulatory requirements.

I have kept the bank-specific figures attributed to reported sources, particularly the Access Bank range, rather than presenting every figure as an independently confirmed bank-wide policy.