After years of restrictive international transaction limits driven by foreign exchange shortages, Nigerian banks are once again expanding customers’ access to dollar-denominated payments.
The shift marks a significant turnaround from the situation between 2023 and 2025, when dwindling FX liquidity and mounting pressure on the naira forced lenders to slash international card spending limits and, in some cases, suspend offshore transactions altogether.
For many Nigerians, especially students, travelers, and businesses with foreign obligations, the restrictions meant relying heavily on the parallel market to source dollars.
Today, however, a combination of improved FX liquidity and Central Bank of Nigeria (CBN) reforms is enabling banks to gradually restore and increase international transaction limits on naira cards.
Banks raise spending limits
A review by Nairametrics across major commercial banks shows a notable increase in international spending limits over the past three months.
- GTBank recorded one of the most significant adjustments, raising the quarterly international spending limit on its naira cards to $40,000.
The new threshold represents a 566.7% increase from the $6,000 quarterly limit announced in May 2026 and doubles the $20,000 limit in place as of August 10, 2026. The increase gives customers greater flexibility to pay for school fees, airline tickets, accommodation, and other international expenses.
- FirstBank has also expanded access for customers. While it previously maintained quarterly limits of $1,000 for online and POS transactions and $500 for ATM withdrawals, its Naira Mastercard now supports international transactions up to a cumulative quarterly limit of $10,000 across POS and online channels.
The bank has also increased ATM withdrawal limits to $1,000 daily.
- Zenith Bank currently allows international transactions of up to $50,000 annually on its naira cards, while UBA permits spending of up to $20,000 on POS transactions through its World USD card and up to $10,000 for online transactions.
- Stanbic IBTC has similarly raised its limits. Customers who were previously restricted to less than $5,000 for international card transactions can now spend up to $8,000 quarterly using the bank’s Mastercard naira debit cards.
What experts are saying
Industry experts say the increased limits reflect a significant improvement in foreign exchange liquidity across the financial system.
They point to several CBN reforms that have helped improve market liquidity. These include the implementation of the willing buyer-willing seller FX model, the licensing of additional International Money Transfer Operators (IMTOs), improvements in diaspora remittance channels, and easier access to naira liquidity for remittance operators.
Together, these measures have strengthened dollar inflows into the formal market and improved banks’ ability to meet customer demand.
According to Olubunmi Ayokunle, Head of Financial Institutions Rating at Agusto & Co, the development is primarily a function of improved dollar availability.
- “The thing simply is, it just shows the availability of FX. As the FX market is getting more liquid, banks can access more liquidity. So, definitely, with that, they can afford to let you spend as much as you can, go into the official market, and then you can just get the equivalent in FX to pay them over there.
- “It’s about the availability of liquidity. They can’t do this in 2023 because they didn’t have enough funds; there wasn’t enough liquidity in the FX market,” he told Nairametrics.
While welcoming the improvements, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, cautioned that the gains must be protected through strong compliance and monitoring.
- “What could cause the need for review is if there is evidence of abuse, in terms of money laundering issues, compliance issues. This reform is a work in progress. Even with this increase, I’m sure the authorities will be watching the trend and see whether there’s an unusual demand pressure for dollars.
- “And don’t forget, the rule is that you have to use this money to buy something. It’s not something you go and cash. But if there’s evidence that that is happening, then the authorities may begin to reduce the limits.”
His comments suggest that while current conditions support higher limits, regulators remain prepared to intervene if abnormal demand patterns emerge.
Customers welcome relief
For many Nigerians, the increase in spending limits represents much-needed relief after years of transaction constraints.
The revised framework complements recent CBN guidelines that raised the maximum tuition fee remittance for students abroad from $15,000 to $25,000 per semester.
Remilekun Ariyo, a bank customer, described the development as a major improvement.
- “I am particularly excited that I can now spend up to $20,000 quarterly on my card. This time last year, I struggled to take a trip abroad because of the scarcity of dollars,” he told Nairametrics.
Kasarachi, a Nigerian postgraduate student in Canada, also noted that international payments have become easier compared with a year ago.
- “My friend who is about to travel to the US for schooling told me she is not having difficulty with transaction limits. I think this is good for everyone.”
Get up to speed
Last year, banks resumed international transactions on Naira cards following the period between 2022 and 2025, when many banks suspended international transactions on naira-denominated cards due to severe FX shortages.
Major lenders including GTBank, UBA, Access Bank, FirstBank, Zenith Bank, and Ecobank either reduced limits drastically or halted international card usage altogether.
The restrictions left many Nigerians unable to pay for international services such as streaming subscriptions, software licenses, online advertising, and tuition fees, forcing them to seek alternatives through the parallel market.
With liquidity conditions improving and reforms taking hold, banks are once again expanding access to international payments—a signal that confidence is gradually returning to Nigeria’s foreign exchange market.
What you should know
The rising international transaction limit comes amid an increase in Nigeria’s external reserves.
- Last week, Nigeria’s external reserves crossed the $54 billion mark for the first time since December 2008, reaching $54.08 billion as of September 3, 2026.
- The increase means the country’s external reserves gained about $8.51 billion year-to-date, rising from approximately $45.57 billion to $54.08 billion.
- According to CBN data, reserves stood at $51.94 billion on August 3 before rising to $52.06 billion on August 7 and $52.32 billion on August 14. The position increased further to $52.83 billion on August 21 and $53.51 billion on August 28.
By August 31, reserves had reached $53.81 billion before crossing $54 billion three days later.
