- GTBank increased its quarterly international spending limit on naira debit cards, making it the first recapitalised Nigerian bank
- The bank confirmed the new limit in a message sent to customers, alongside the current FX rate
- The move comes as Nigeria’s foreign exchange market continues to shift following Central Bank of Nigeria reforms
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Guaranty Trust Bank (GTBank) has doubled the quarterly international spending limit on its naira debit cards from $20,000 to $40,000, making it the first of Nigeria’s 33 recapitalised commercial banks to reach this ceiling.
The bank, which is the commercial banking arm of Guaranty Trust Holding Company Plc (GTCO Plc), notified customers of the change through a message sent on Wednesday, August 12, 2026.
Photo: GTbank
Source: Getty Images
The bank said in the message:
“The FX rate for International Payments on your GTBank Naira Card today, August 12, 2026, is $1/N1,370. FX rates are subject to change in line with prevailing market conditions. The quarterly spending limit on your Naira Card is $40,000.”
GTBank’s Road to $40,000
The bank’s international card limit has climbed sharply over recent years.
The ceiling was previously set at $1,000, then raised to $6,000, before reaching $20,000 ahead of the latest adjustment. Each increase has tracked improving conditions in Nigeria’s foreign exchange market following reforms introduced by the Central Bank of Nigeria (CBN).
With the new $40,000 limit in place, eligible customers can now make larger international payments covering tuition fees, medical bills, flight bookings, hotel reservations and other approved transactions using their naira cards, BusinessDay reports.
Naira Rate on August 12, 2026
The announcement coincides with continued movement in the Nigerian foreign exchange market. CBN data showed the naira lost N4.75 against the dollar at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, August 12, with the dollar quoted at N1,364.89 compared with N1,360.14 the previous day, a depreciation of 0.35%.
Photo: Nurphoto
Source: Getty Images
In the parallel market, the naira held steady at N1,424 per dollar, unchanged from the previous session. However, the gap between the official and parallel market rates widened to 4.71% from 4.32% on Monday.
GTBank’s decision to raise the spending ceiling gives Nigerian consumers and businesses significantly more room to settle foreign-currency obligations through the formal banking system at a time when the naira continues to find its footing under the CBN’s market-driven exchange rate framework.
Traders sell dollar at new exchange rate as naira falls again
Earlier, Legit.ng reported that the Nigerian currency, the naira, depreciated slightly against the United States dollar in the official market.
Data from the CBN showed that the Nigerian Foreign Exchange Market (NFEM) recorded a closing rate of N1,502 per dollar at the end of trading.
Tuesday’s exchange rate is a 0.20% or N3 depreciation for the naira when compared to the previous day’s closing rate of N1,499 recorded in the official market.
Source: Legit.ng