GTBank, Other Nigerian Banks Cut Dollar Rate on Naira Debit Cards as Naira Strengthens
- Nigerian banks have lowered their exchange rates on naira debit cards for international or online transactions
- The development followed the improvement of the Nigerian currency on the official and parallel markets
- Notably, Guaranty Trust Bank lowered its exchange rate for naira cards for its customers recently
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Nigerian banks have set a new exchange rate for customers using the reintroduced naira debit cards for international or online payments.
On Monday, September 1, 2025, banks set the exchange rate for naira debit card payments at N1,542 per dollar, up from N1,545 last week.
Source: Getty Images
GTBank sets new exchange rate on naira cards
Guaranty Trust Bank (GTBank) set its international payment on the naira debit card at N1,542 for international payment settled via Naira MasterCard on Monday, September 1, 2025.
According to reports, the naira debit card quoted for FX payment showed that the exchange rate improved relative to last week.
In the unofficial parallel market, the naira traded at N1,540 per dollar, representing a gain of N5 from last week’s rate.
The naira appreciates in all markets
Meanwhile, at the official foreign exchange market, the naira traded at N1,526 per dollar, after hitting an intraday low of N1,522 per US greenback.
According to reports from Market Forces Africa, GTBank bought dollars from customers at N1,530 per dollar last week.
A prior report by Legit.ng reported that several commercial banks resumed the reissuance of naira debit cards in July, as the Central Bank of Nigeria (CBN) moved to increase forex liquidity.
Nigerian banks resume naira card issuance
The naira debit card for online payment was suspended in 2022 following the scarcity of forex, with some banks setting payments at $20 per month.
However, following the resumption of naira debit card issuance, Wema Bank and United Bank of Africa (UBA) separately announced the resumption of foreign transactions on their naira cards.
This came about three years after numerous banks stopped allowing foreign transactions using Naira debit cards.
Source: Getty Images
Two banks set the pace
UBA, in a recent notification to its customers, explained that the restart aligns with its continued dedication to providing smooth and improved banking services
The Cable reported that the decision by these banks to reactivate their naira cards for international transactions was bolstered by increased liquidity in the foreign currency (FX) market, according to Ayokunle Olubunmi, head of financial institutions ratings at Agusto & Co.
Naira strengthens across FX markets
Legit.ng earlier reported that the Nigerian currency, the naira, appreciated in all forex markets following continued accretion in external reserves.
Investors' confidence was bolstered as the nation’s external reserves gained $1.7 billion in August, according to the latest data from the Central Bank of Nigeria (CBN).
The CBN data showed that the external reserves rose to $41.27 billion in the review period, as Olayemi Cardoso, CBN governor, said foreign remittances averaged $600 million in August.
Source: Legit.ng
