Nigerian Banks Raise Naira Card Limits for Students Abroad
Access Bank, UBA, and other Nigerian banks have announced increased spending limits on naira-denominated cards for students studying abroad and other customers making international payments. This decision follows improvements in dollar liquidity in Nigeria's foreign exchange market, with the Central Bank of Nigeria (CBN) reporting reserves of approximately $52.6 billion as of August 19.
GTBank has raised its quarterly international spending limit on naira cards to $40,000, up from $6,000 in November 2025 and $1,000 in July last year. Other banks, including Stanbic IBTC and Wema Bank, have also expanded limits for offshore transactions.
Additionally, the CBN has updated its foreign exchange guidelines, increasing the maximum tuition fee remittance for Nigerian students abroad to $25,000 per semester from $15,000. This policy aims to alleviate the financial burden on families during a period of foreign exchange scarcity.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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