Nigerian Banks Increase International Card Spending Limits
- GTBank raised its quarterly international card spending limit to $20,000, a sharp jump from the $6,000 cap previously in place
- Access Bank and UBA have also set international card limits for customers, though the figures differ by card type and lender
- The changes come as Nigerian banks grow more confident about foreign exchange availability under CBN's latest FX reforms
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Several Nigerian banks have raised the spending limits on naira debit cards for international transactions, giving customers broader access to foreign currency as conditions in the country's foreign exchange market improve.
Guaranty Trust Bank has set a new quarterly international spending limit of $20,000 for eligible customers.
Source: Getty Images
The figure is more than three times the $6,000 quarterly cap that was previously in place and represents a 20-fold increase from the $1,000 ceiling that applied as recently as July 2025.
What Other Banks Are Offering
Access Bank has structured its international card limits by card type.
Customers holding Visa Signature and Visa Platinum cards can spend up to $3,000 per month on international transactions, while holders of Visa Classic and Mastercard cards are limited to $2,000 per month.
The bank was recently quoting an exchange rate of N1,378 per dollar for international payments processed through its naira cards.
United Bank for Africa (UBA) applied the same rate of N1,378 per dollar for naira card international transactions as of August 3, 2026.
The bank urged customers to process their international payments early in the day, noting that exchange rates are revised daily to reflect prevailing market conditions.
Not all lenders have moved in the same direction. Stanbic IBTC currently caps international spending on its naira debit cards at $100 per month, a limit that covers point-of-sale terminals, web payments and automated teller machine withdrawals abroad.
CBN's Broader FX Reforms
The upward revisions by individual banks follow a series of Central Bank of Nigeria measures designed to stabilise the foreign exchange market and widen access to dollars for legitimate purposes, BusinessDay reports.
As part of its updated foreign exchange manual, the CBN increased the maximum amount Nigerian students abroad can receive in tuition fee remittances to $25,000 per semester, up from the previous $15,000 ceiling.
Source: Getty Images
The relaxation of card limits is widely read as a sign that banks have grown more confident in the supply of foreign exchange available to cover international card transactions.
For Nigerian consumers, the higher thresholds could ease some of the friction previously associated with paying for travel, online purchases, education and business expenses in foreign currency.
CBN, banks update exchange rates
Earlier, Legit.ng reported that the naira recorded a marginal decline against the United States dollar, while other major currencies remained relatively stable.
Fresh data from the Central Bank of Nigeria (CBN) showed that the naira slipped slightly against the US dollar on Tuesday, May 19, at the official Nigerian Foreign Exchange Market (NAFEM).
The local currency closed at N1,373.87 per dollar, representing a 17-kobo or 0.01% decline from the N1,373.70/$1 recorded in the previous trading session.
Source: Legit.ng
