See how much bank customers can now spend on their Naira Card

• About 5 commercialized banks successful Nigeria person resumed cross-border transactions connected Naira cards, mounting antithetic spending limits
• The improvement comes aft respective years erstwhile slope customers were restricted to $20 per period connected Naira paper transactions
• Experts disclosed that the caller easing of FX transactions connected Naira cards was owed to improved forex liquidity successful Nigeria

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

More commercialized banks person resumed planetary transactions connected Naira cards, mounting antithetic spending limits arsenic overseas speech inflows amended successful Nigeria.

About 5 banks person reactivated their services, including Providus Bank, First Bank, Guaranty Bank, UBA, and Wema Bank.

Nigerian banks resume spending connected Naira Cards overseas arsenic CBN lifts restrictions. Credit: Novatis
Source: Getty Images

Naira cards: Which banks accrued their limits?

GTBank announced a quarterly spending bounds of $1,000 for its Naira cardholders.

The breakdown shows that customers can retreat up to $500 from ATMs overseas and walk astir $1,000 crossed platforms and PoS channels wrong 3 months.

First Bank acceptable its planetary bounds connected Naira cards astatine $500 monthly, with defined transaction frequencies crossed antithetic channels.

The slope disclosed that its cardholders tin execute up to 10 cross-border ATM withdrawals per month, with N5,000 per withdrawal.

They tin besides execute up to 20 transactions monthly connected PoS and web platforms astatine nary cost.

Providus Bank told its customers that they tin present bask an accrued planetary spending bounds successful the summer, particularly with its Platinum Naira Card.

Wema Bank besides resumed planetary transactions connected Naira cards with a monthly spending bounds of $500.

The fiscal instauration said its customers tin present usage their Wema Mastercard, ALAT Mastercard, and VISA Cards for overseas transactions, including online purchases, PoS, and ATM withdrawals extracurricular the country.

How overmuch tin customers spend?

Experts accidental this determination is portion of ongoing efforts by commercialized banks successful Nigeria to easiness entree to overseas speech for their customers and reconstruct assurance successful cross-border outgo capabilities.

The determination lifts restrictions placed connected Nigerian banks from spending supra $20 since 2022, erstwhile Nigerian lenders were forced to slash planetary spending connected Naira cards from $100 to $20 per month.

More banks rise spending limits connected Naira cards arsenic FX liquidity improves. Credit: NurPhoto/Contributor
Source: UGC

The determination was owed to a chronic dollar scarcity and the manufacturers’ conflict to entree FX via authoritative channels.

Nigeria’s FX inflows improve

BusinessDay reports that astatine that time, the authoritative speech complaint was N430 per dollar astatine the Investors and Exporters (I&E) window.

However, arsenic of Friday, July 4, 2025, the naira traded astatine N1,528.56 per dollar successful the authoritative Nigerian Foreign Exchange Market (NFEM), showing the important displacement successful Nigeria’s forex ecosystem.

The caller determination by banks comes aft months of suspended cross-border transactions owed to FX uncertainty and continued dollar shortages.

Naira cards: It’s a caller time for Nigerians

Experts accidental the resumption of Naira paper usage overseas shows a renewed assurance successful FX liquidity and a much predictable currency environment.

Analysts spot the improvement arsenic a important milestone for user and capitalist sentiment, providing the much-needed alleviation to customers who usage the Naira paper for online subscriptions, travel, and buying connected overseas platforms.

The restrictions severely constricted Nigerians’ quality to entree indispensable overseas goods and services, with banks capping usage by archetypal reducing limits to arsenic debased arsenic $20 per month, past wholly halting each cross-border spending connected Naira cards.

Naira gains spot crossed markets

Legit.ng earlier reported that the Nigerian currency, the naira, traded strongly against the US dollar past week arsenic the spread betwixt the authoritative and achromatic markets importantly closed to N2 by the extremity of trading connected Friday, July 4, 2025.

Last week, the naira gained against the dollar successful 4 retired of the 5 trading sessions astatine the Nigerian Foreign Exchange Market (NFEM).

After 5 days of successive gains, the section currency’s spot complaint dipped to N1,528.56 per dollar astatine NFEM, portion the achromatic marketplace complaint settled astatine N1,530.

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Source: Legit.ng