Nigeria’s foreign exchange market faced fresh pressure on Tuesday as major commercial banks adjusted the FX rates on naira-denominated debit cards used for international transactions.

Access Bank, Zenith Bank, UBA and others reviewed their card rates upward after the dollar inched higher in both the official and parallel markets.

The daily transaction rate for naira debit card payments rose to N1460 per dollar, up by N2 in just 24 hours.

This stood above the rate recorded last week, when banks quoted N1453 for similar international payments.

Naira debit card FX rate worsens

The adjustment reflects the broader strain in dollar liquidity, which has kept the supply side tight despite predictions of improved inflows from remittances.

Market watchers had expected that December remittances would help ease pressure, especially with diaspora inflows historically rising toward the end of the year.

However, bank card rates continued to depreciate as the FX market remained tight.

The official spot rate closed at N1451 per dollar, showing the same trend as rising card settlement costs.

According to data from the US, transfers made from abroad to Nigeria have consistently exceeded import-related outflows.

Even with this trend, liquidity remains insufficient to stabilize rates, leaving banks with no choice but to align their naira card FX rates with the realities in the market.

Parallel market FX rate nears N1463

According to a report by Market Forces Africa, the recent adjustment by commercial banks mirrors ongoing movements in the parallel market, where the dollar traded between N1460 and N1463 in key Lagos hubs on Tuesday, November 9, 2025.

This convergence between bank card rates and the street rate highlights how blended markets increasingly influence retail FX pricing for everyday users.

Travelers, online shoppers and service subscribers who rely on naira debit cards for international payments are the most affected.

Each dollar spent now attracts a higher naira debit, tightening personal budgets during a peak spending season.

CBN’s BDC restructuring fuels FX rate convergence expectations Market expectations remain mixed, though some analysts see room for eventual stability.

The Central Bank’s decision to prune the number of licensed Bureau de Change operators down to 82 nationwide is expected to reshape the retail FX landscape.

By reducing the number of middlemen in the ecosystem, the CBN hopes to improve oversight, reduce rate speculation and encourage a narrow spread between the official and parallel markets.

The gradual alignment already observed between the bank card FX rate, the official window and the parallel market suggests the system is moving toward this convergence.

Experts predict a cool-off at Christmas

Still, without stronger liquidity and sustained inflows, the naira may continue to trade under pressure.

For now, Nigerians relying on naira cards for global payments will have to adjust to the higher FX rates as banks respond to evolving market conditions and dollar demand.

“We’re experiencing renewed FX rate volatility due to the Christmas shopping demand by Nigerians and importers,” Osas Igho, a financial expert said.

According to him, the naira is expected to stabilize towards the Christmas period when Nigerians enter the Detty December period and holiday makers come in with FX.