Nigerian students studying abroad, businesses and other bank customers making international payments may get some relief as commercial banks expand spending limits on naira-denominated cards.

The development comes amid improving dollar liquidity in Nigeria's foreign exchange market and a rise in the country's gross external reserves, which stood at about $52.6 billion as of August 19, according to Central Bank of Nigeria (CBN) data.

The stronger reserve position is expected to provide a buffer against external shocks while easing pressure on banks settling customers' international transactions.

GTBank raises quarterly limit to $40,000

Guaranty Trust Bank, GTBank, is among lenders that have significantly increased the amount customers can spend internationally using their naira cards, according to a report by The Nation.

In a notice sent to customers, the bank said the quarterly international spending limit on its naira card had been increased to $40,000.

GTBank also disclosed that the foreign exchange rate applicable to international payments on the card was N1,355 per dollar, although it noted that rates could change in line with prevailing market conditions.

The latest increase represents a significant improvement from the $6,000 quarterly limit introduced in November 2025 and the $1,000 ceiling imposed in July last year.

The move signals a major shift from the period when severe dollar shortages forced banks to slash international card limits, leaving many Nigerians struggling to pay school fees, subscriptions and other overseas expenses.

Access, UBA and others expand offshore transactions

Other major banks, including Access Bank, United Bank for Africa, UBA, Stanbic IBTC and Wema Bank, have also expanded access for customers carrying out offshore Point of Sale (POS) and online transactions, with limits running below $5,000 monthly.

FirstBank had earlier set transaction limits across its channels at $1,000 quarterly for online and POS transactions, while ATM withdrawals were capped at $500.

The bank has also moved to expand its range of international payment solutions through a partnership with Visa, introducing the Visa Signature card for customers seeking premium payment options.

Group Executive, eBusiness and Retail Products at FirstBank, Chuma Ezirim, said the lender remained focused on developing financial solutions that reflect the changing lifestyles and needs of its customers.

Students abroad get higher tuition FX allowance

The improvement in card spending limits is coming alongside a major increase in the amount Nigerian students can remit abroad for tuition.

Under the CBN's updated foreign exchange guidelines and the Fourth Edition of its FX manual, the maximum tuition fee remittance for Nigerian undergraduate and postgraduate students' studying abroad has increased to $25,000 per semester from $15,000 previously.

The policy could provide significant relief to families struggling to meet overseas education costs during the period of severe foreign exchange scarcity.

Improved dollar liquidity drives new limits

Former Registrar of the Chartered Institute of Bankers of Nigeria, CIBN, Dr Uju Ogubunka, said the increase in card spending limits reflects stronger liquidity and growing confidence in Nigeria's foreign exchange market.

According to him, the improved availability of foreign exchange, relative stability in the naira and growth in external reserves have reduced the intense pressure previously faced by individuals and businesses seeking dollars.

The CBN has also introduced measures aimed at attracting more dollar inflows, including improving diaspora remittances, licensing additional International Money Transfer Operators, IMTOs, and supporting the willing buyer-willing seller foreign exchange framework.

With banks gradually increasing international spending limits and the CBN raising the tuition remittance ceiling, Nigerian students, households and businesses could see improved access to foreign exchange for legitimate overseas payments.