Nigerian Banks Raise Naira Card Limits for Foreign Spending

Nigerian banks are expanding the Naira card spending limits for international transactions as foreign direct investments and foreign exchange inflows rise. The Central Bank of Nigeria (CBN), led by Olayemi Cardoso since October 2023, is addressing the country's economic challenges, particularly forex scarcity.

The CBN has initiated significant reforms to attract foreign capital and stabilize the exchange rate, which has restored investor confidence and allowed Nigeria to return to the international capital market. Recently, Guaranty Trust Bank (GTB) raised its quarterly dollar spending limit on Naira cards to $20,000, enhancing cardholders' purchasing power abroad.

Other banks, including United Bank for Africa (UBA), FirstBank, and Wema Bank, are also resuming international transactions with Naira debit cards and introducing premium card options for affluent customers. These measures aim to facilitate seamless international transactions and support Nigeria's economic recovery.