GTBank Raises Dollar Limit on Naira Cards to $6,000 Amid Improved FX Liquidity

In a notice to customers on Monday, the bank said the new limit is effective immediately and is subject to review in line with prevailing market conditions. GTBank’s FX rate for international card transactions stood at N1,442 per dollar, unchanged from Friday’s rate.

Financial analysts describe the move as an internal policy decision driven by banks’ foreign currency availability rather than a directive from the Central Bank of Nigeria (CBN). Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co., noted, “Each bank assesses its liquidity position and determines the transaction limits it can offer customers. This decision is based on dollar deposits and not a CBN mandate.”

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The adjustment follows the reintroduction of Naira cards for international transactions in July 2025, when banks set varying limits based on their liquidity. At that time, GTBank allowed quarterly spending of $1,000 with ATM withdrawals capped at $500, while First Bank set monthly limits of $500 with defined transaction frequencies.

The increase represents a sharp reversal from 2022, when Nigerian banks reduced international spending on Naira cards to as low as $20 per month due to severe dollar shortages. At the time, the official I&E window rate was around N430 per dollar. By July 2025, the rate had risen to N1,528.56 per dollar, highlighting the evolution of Nigeria’s FX environment.

GTBank’s decision, along with similar moves by other banks, signals renewed confidence in FX liquidity and improved stability in the foreign exchange market, easing previous restrictions on cross-border transactions for Naira cardholders.