GTBank Raises Dollar Limit on Naira Cards Amid Improved Foreign Exchange Liquidity

Guaranty Trust Bank (GTBank) has raised the dollar limit on Naira cards for foreign transactions to $1,000 per quarter, up from $500. The bank's decision is in response to improved foreign exchange liquidity and market conditions.

Ayokunl Olubunmi, head of financial institutions at Agusto & Co, explained that the bank's move is based on available liquidity and foreign currency reserves. This increase reflects sustained foreign exchange inflow and investor confidence.

Nigeria's external reserves have also surged to $43.30 billion, the highest level since October 2018, indicating a positive milestone for the country's economy.