5 Nigerian Banks Raise Naira Card Dollar Spending Limits as FX Liquidity Improves

• About five commercial banks in Nigeria resumed cross-border transactions on Naira cards, setting different spending limits
• The development came after several years when bank customers were restricted to $20 per month on Naira card transactions
• Experts disclosed that the recent easing of FX transactions on Naira cards was due to improved forex liquidity in Nigeria

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

More commercial banks have resumed international transactions on Naira cards, setting different spending limits as foreign exchange inflows improve in Nigeria.

About five banks have reactivated their services, including Providus Bank, First Bank, Guaranty Bank, UBA, and Wema Bank.

Naira cards: Which banks increased their limits?

GTBank announced a quarterly spending limit of $1,000 for its Naira cardholders.

The breakdown shows that customers can withdraw up to $500 from ATMs abroad and spend about $1,000 across platforms and PoS channels within three months.

First Bank set its international limit on Naira cards at $500 monthly, with defined transaction frequencies across different channels.

The bank disclosed that its cardholders can perform up to 10 cross-border ATM withdrawals per month, with N5,000 per withdrawal.

They can also perform up to 20 transactions monthly on PoS and web platforms at no cost.

Providus Bank told its customers that they can now enjoy an increased international spending limit in the summer, especially with its Platinum Naira Card.

Wema Bank also resumed international transactions on Naira cards with a monthly spending limit of $500.

The financial institution said its customers can now use their Wema Mastercard, ALAT Mastercard, and VISA Cards for foreign transactions, including online purchases, PoS, and ATM withdrawals outside the country.

How much can customers spend?

Experts say this move is part of ongoing efforts by commercial banks in Nigeria to ease access to foreign exchange for their customers and restore confidence in cross-border payment capabilities.

The move lifts restrictions placed on Nigerian banks from spending above $20 since 2022, when Nigerian lenders were forced to slash international spending on Naira cards from $100 to $20 per month.

The decision was due to a chronic dollar scarcity and the manufacturers’ struggle to access FX via official channels.

Nigeria’s FX inflows improve

BusinessDay reports that at that time, the official exchange rate was N430 per dollar at the Investors and Exporters (I&E) window.

However, as of Friday, July 4, 2025, the naira traded at N1,528.56 per dollar in the official Nigerian Foreign Exchange Market (NFEM), showing the significant shift in Nigeria’s forex ecosystem.

The recent move by banks comes after months of suspended cross-border transactions due to FX uncertainty and continued dollar shortages.

Naira cards: It’s new day for Nigerians

Experts say the resumption of Naira card use abroad shows a renewed confidence in FX liquidity and a more predictable currency environment.

Analysts see the development as a significant milestone for consumer and investor sentiment, providing the much-needed relief to customers who use the Naira card for online subscriptions, travel, and shopping on foreign platforms.

The restrictions severely limited Nigerians’ ability to access essential foreign goods and services, with banks capping usage by first reducing limits to as low as $20 per month, then completely halting all cross-border spending on Naira cards.

Naira gains strength across markets

Legit.ng earlier reported that the Nigerian currency, the naira, traded strongly against the US dollar last week as the gap between the official and black markets significantly closed to N2 by the end of trading on Friday, July 4, 2025.

Last week, the naira gained against the dollar in four out of the five trading sessions at the Nigerian Foreign Exchange Market (NFEM).

After five days of successive gains, the local currency’s spot rate dipped to N1,528.56 per dollar at NFEM, while the black market rate settled at N1,530.

Source: Legit.ng