…GTCo raises card limit twenty-fold to $20,000
Nigerian banks are loosening limits on foreign transactions for naira debit cards, providing the clearest sign yet that the Central Bank of Nigeria’s foreign-exchange overhaul is restoring dollar liquidity and stabilising the currency.
Guaranty Trust Bank Plc, one of the country’s big five banks, raised its quarterly international spending cap to $20,000. That marks a dramatic shift from the $6,000 limit imposed last November and a twentyfold jump from the $1,000 ceiling in July 2025. Access Bank Plc and United Bank for Africa Plc are also expanding capacity, though Stanbic IBTC Holdings Plc maintains a tighter monthly limit of $100.
The easing restrictions offer immediate relief to Nigerian households, students, and businesses long squeezed by crippling dollar shortages. Under updated central bank guidelines, the maximum tuition fee remittance for students abroad was also lifted to $25,000 per semester from $15,000.
“This reflects the improved liquidity in the foreign exchange market and shows the focus of banks in maximizing income from card payments,” said Ayokunle Olubunmi, head of financial institutions ratings at Agusto & Co.
