CBN reforms begin reaching consumers as banks expand dollar card spending limits - Businessday NG

The Central Bank of Nigeria’s (CBN) foreign exchange reforms are beginning to deliver tangible benefits to consumers, as banks expand international spending limits on naira cards amid improved liquidity in the foreign exchange market.

Guaranty Trust Bank (GTBank) has become the first among Nigeria’s 33 recapitalised banks to raise the international spending limit on its naira card to $20,000 per quarter, allowing customers to pay for flights, hotel bookings, school fees, goods and other eligible international transactions.

The new limit represents a sharp increase from the $6,000 quarterly cap introduced in November 2025 and is 20-times higher than the $1,000 quarterly limit announced in July 2025.

Read also: 24 Nigerian companies join NGX trillionnaire club

The move comes as analysts point to a more liquid foreign exchange market following reforms introduced by the CBN over the past three years.