Major deposit money banks in Nigeria including Guaranty Trust Bank (GTCO), FirstBank, Zenith Bank and Access Bank have significantly raised international spending limits on naira debit cards.
Several Nigerian commercial banks have begun increasing monthly foreign currency spending limits on local debit cards, offering relief to individuals and small businesses making international payments.
The adjustments follow a steady increase in foreign exchange liquidity across the official market supported by sustained interventions from the Central Bank of Nigeria (CBN) and growing foreign investor inflows into local financial markets.
Over the past two years, severe dollar shortages forced financial institutions to drastically reduce or suspend international spending limits on naira debit cards. Many customers were limited to small monthly transactions often capped between $20 and $100 while others were restricted to using dedicated foreign currency accounts.
With improved currency availability, major lenders are now raising these caps. Depending on the financial institution, monthly spending limits on standard naira debit cards have been revised upward to ranges between $500 and $2,000 for online shopping, subscriptions, tuition payments and overseas travel expenses.
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Financial analysts attribute the improved dollar supply to recent monetary policy measures implemented by the central bank. Key steps include clearing backlogs of verified foreign exchange obligations, unifying exchange rate windows and offering competitive yields on government debt securities to attract foreign capital.
The central bank’s ongoing dollar sales to authorized dealers and bureau de change operators have also helped stabilize the naira in the official foreign exchange market, reducing volatility and easing the cost burden for commercial lenders.
The relaxation of debit card limits provides immediate practical benefits for everyday consumers, remote workers, and micro-enterprises that rely on international software, digital advertising, foreign e-commerce platforms and overseas service providers.
Bank executives noted that if foreign exchange inflows remain strong and market stability persists, financial institutions may consider further expanding foreign transaction capabilities to support economic activity and cross-border trade.
