GTBank Doubles Naira Card Spending Limit to $40,000

Guaranty Trust Bank (GTBank) has doubled the international spending limit on its Naira-denominated debit cards to $40,000 per quarter, up from the previous $20,000 ceiling.

The increase allows retail and corporate customers to make larger cross-border payments directly from Naira-funded accounts. Eligible transactions include international airline bookings, hotel payments, overseas merchant POS transactions and foreign tuition fees.

The new GTBank card spending limit reflects improved foreign exchange liquidity in Nigeria’s banking system and greater confidence among banks in meeting legitimate international payment needs. Rising FX inflows from foreign portfolio investments, non-oil exports and other sources have also supported the move.

Banks now have more flexibility to set international card limits according to their FX liquidity, risk controls and operational capacity. As a result, the GTBank card spending limit increase could form part of a wider improvement in access to foreign exchange through formal banking channels.

The higher ceiling may also reduce reliance on the parallel market, allowing travellers, students, businesses and users of overseas digital services to settle legitimate payments without sourcing foreign currency informally.

The revised threshold is expected to focus mainly on online payments and international POS transactions, while ATM cash withdrawals remain subject to separate limits.

For GTCO, the move could also create opportunities to increase transaction volumes and fee-based income. The group recorded a 15.4 per cent fall in profit after tax in Q1 2026, despite double-digit growth in net interest income. Higher tax expenses and weaker fair-value performance contributed to the decline.

With the GTBank card spending limit now at $40,000 quarterly, customers have greater flexibility when paying for legitimate international obligations from their Naira accounts.

Could the higher limit further boost confidence in Nigeria’s formal FX market?