Nigerian banks have significantly increased international spending limits on naira-denominated debit cards, reflecting growing confidence in the country’s foreign exchange market amid rising capital inflows and improved dollar liquidity.
The development comes as reforms introduced by the Central Bank of Nigeria (CBN) continue to bolster foreign exchange availability, enabling financial institutions to ease restrictions that had constrained overseas transactions for several years.
ASHENEWS reports that the Central Bank of Nigeria (CBN) recently increased the maximum tuition fee remittance for Nigerian students pursuing undergraduate and postgraduate studies abroad from $15,000 to $25,000 per semester.
The revised limit, contained in the 4th edition of the CBN’s Foreign Exchange (FX) Manual, is part of the apex bank’s ongoing reforms aimed at enhancing transparency, liquidity, and confidence in Nigeria’s foreign exchange market.
ASHENEWS further reports that under the new guidelines, Authorised Dealer Banks (ADBs) can process tuition fee payments of up to $25,000 per semester for eligible higher education institutions outside Nigeria. The previous limit was capped at $15,000 per semester and restricted to two semesters per academic session.
Data indicate that foreign exchange inflows into Nigeria reached about $112 billion by the end of 2025, driven by stronger foreign direct investment, increased portfolio inflows, diaspora remittances, and improved non-oil export earnings. The improved liquidity has encouraged banks to expand access to international payments through naira cards.
Among the major lenders, Guaranty Trust Bank (GTBank) recently raised the quarterly international spending limit on its naira card to $20,000, a substantial increase from the previous cap. Other banks, including United Bank for Africa (UBA), FirstBank, and Wema Bank, have also restored or expanded international transaction capabilities for their customers.
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The move marks a sharp turnaround from the period of acute foreign exchange shortages when many banks suspended international transactions on naira cards due to limited access to dollars. At the time, individuals and businesses increasingly relied on the parallel market and alternative payment channels to meet foreign currency needs.
Financial analysts attribute the renewed confidence to a series of monetary reforms implemented by the CBN under Governor Olayemi Cardoso. These measures include the clearance of more than $7 billion in outstanding foreign exchange obligations, liberalisation of the FX market, and efforts to improve transparency and investor confidence. The reforms have helped strengthen external reserves, improve liquidity, and narrow distortions in the foreign exchange market.
Economic experts also note that the restoration of international card services is expected to benefit travellers, students, online shoppers, and businesses that depend on cross-border payments. The easier access to international transactions could reduce dependence on informal foreign exchange channels while supporting greater integration of Nigeria’s financial system with global markets.
The CBN has repeatedly stressed that reforms aimed at stabilising prices, improving investor confidence, and attracting foreign capital require strong policy coordination to ensure long-term macroeconomic stability.
With foreign exchange liquidity improving and investor sentiment strengthening, the expansion of naira card limits abroad is being viewed as another signal of the gradual recovery taking place in Nigeria’s financial markets and broader economy.
