Guaranty Trust Bank has doubled the quarterly international spending limit on its naira debit cards from $20,000 to $40,000, becoming the first of Nigeria’s 33 recapitalised commercial banks to reach this ceiling.
The bank informed customers of the change in a message sent on Wednesday, August 12, 2026. The same message included the prevailing exchange rate for international transactions.
“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,” the bank stated.
Expanded Scope for Customers
The higher limit enables eligible customers to settle larger foreign-currency obligations through their naira cards. These include tuition fees, medical bills, flight bookings, hotel reservations and other approved international payments, reducing reliance on alternative channels.
Progressive Increases in the Limit
GTBank’s international card spending ceiling has risen steadily in recent years. It moved from an earlier level of $1,000 to $6,000, then to $20,000, before the latest adjustment to $40,000. Each step has broadly tracked improvements in Nigeria’s foreign exchange market following reforms introduced by the Central Bank of Nigeria.
Naira Market Context
The announcement coincides with continued movement in the local currency. Central Bank data showed the naira depreciated by N4.75 against the dollar at the Nigerian Foreign Exchange Market on Tuesday, August 12, with the dollar quoted at N1,364.89 compared with N1,360.14 the previous day, a decline of 0.35 per cent.
In the parallel market, the naira held steady at N1,424 per dollar. The gap between the official and parallel rates widened to 4.71 per cent from 4.32 per cent on Monday.
Implications for Users
By raising the quarterly ceiling, GTBank is giving Nigerian consumers and businesses greater capacity to meet overseas payments through the formal banking system. The move comes as the naira continues to adjust under the Central Bank’s market-driven exchange rate framework.
