Nigerian Banks Raise International Card Limits to $54bn

Several major Nigerian banks, including GTBank, FirstBank, UBA, and Stanbic IBTC, have raised the international spending limits on cards for customers due to improved foreign exchange conditions. These adjustments reverse restrictions that were implemented between 2023 and 2025 during a period of severe dollar scarcity.

GTBank has increased its quarterly international spending limit on naira cards to $40,000, a 566.7% increase from the limit set in May 2026. FirstBank's Naira Mastercard now has a cumulative quarterly limit of $10,000, up from $1,000, and its international ATM withdrawal limit has been raised to $1,000 per day from $500.

UBA allows up to $20,000 for POS transactions via its World USD card and $10,000 for online payments, while Stanbic IBTC has increased its quarterly limit to $8,000 from below $5,000. These higher limits facilitate payments for school fees, airline tickets, and other foreign obligations.

Nigeria's external reserves reached $54.08 billion on September 3, 2023, marking the highest level in nearly two decades.