Nigeria’s Biggest Banks Ease FX Pressure With Higher Naira Card Dollar Limits

Nigerians making international payments with naira debit cards are getting significantly more spending room after FirstBank, Zenith Bank and Guaranty Trust Bank (GTB) increased their dollar transaction limits, marking the clearest sign yet that pressure in the foreign exchange market is easing.

The revised limits affect overseas purchases made through point-of-sale terminals, online merchants and, in some cases, ATM withdrawals. The move follows months of improving foreign currency availability, allowing commercial banks to gradually reverse the strict caps introduced during Nigeria’s prolonged dollar shortage.

GTB announced one of the most substantial increases, raising its quarterly international spending limit on naira cards to $40,000. The new ceiling is a sharp jump from the $6,000 quarterly limit introduced earlier in the year and doubles the $20,000 threshold that had been in place since August.

FirstBank has also expanded access for customers using its Naira Mastercard. The bank now permits a cumulative quarterly limit of $10,000 across online and POS transactions, while international ATM withdrawals have increased to $1,000 per day, up from the previous $500.

Zenith Bank, meanwhile, now allows eligible customers to spend up to $50,000 annually on international transactions with its naira cards, making it one of the highest limits currently available among major Nigerian lenders.

The changes represent a dramatic turnaround from the period between 2023 and 2025, when several banks either suspended international naira card transactions or reduced spending limits to just a few hundred dollars because of severe FX scarcity. Those restrictions forced many Nigerians to rely on domiciliary accounts, dollar cards or the parallel market to pay for school fees, airline tickets, software subscriptions and other foreign expenses.

Financial analysts say the higher limits reflect stronger liquidity rather than a change in monetary policy. Improved dollar inflows, reforms to Nigeria’s foreign exchange market, expanded diaspora remittance channels and greater confidence in the official FX window have collectively increased banks’ ability to settle international card transactions.

For consumers, the practical impact is immediate. Students paying tuition abroad, travellers booking flights and accommodation, businesses purchasing digital services and professionals paying for international software subscriptions are expected to experience fewer transaction declines and less dependence on unofficial currency channels.

While the higher limits signal growing confidence in Nigeria’s foreign exchange market, banks and analysts caution that the sustainability of the policy will ultimately depend on continued dollar liquidity. If supply remains stable, the restoration of international naira card spending could become one of the most tangible benefits of the country’s ongoing FX reforms for everyday Nigerians.