Guaranty Trust Bank (GTBank) has doubled the quarterly international spending limit on its naira debit cards from $20,000 to $40,000, making it the first of Nigeria's 33 recapitalised commercial banks to reach this ceiling. The bank, which is the commercial banking arm of Guaranty Trust Holding Company Plc (GTCO Plc), notified customers of the change through a message sent on Wednesday, August 12, 2026.
New Limit and FX Rate Announced
In the message, GTBank stated: "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."
This adjustment marks a significant increase from the previous limit of $20,000, reflecting the bank's response to improving conditions in Nigeria's foreign exchange market following reforms introduced by the Central Bank of Nigeria (CBN).
Progressive Increase in Spending Limits
GTBank's international card limit has climbed sharply over recent years. The ceiling was previously set at $1,000, then raised to $6,000, before reaching $20,000 ahead of the latest adjustment. Each increase has tracked improving conditions in the foreign exchange market.
With the new $40,000 limit in place, eligible customers can now make larger international payments covering tuition fees, medical bills, flight bookings, hotel reservations and other approved transactions using their naira cards, according to BusinessDay.
Naira Performance on August 12, 2026
The announcement coincides with continued movement in the Nigerian foreign exchange market. CBN data showed the naira lost N4.75 against the dollar at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, August 12, with the dollar quoted at N1,364.89 compared with N1,360.14 the previous day, a depreciation of 0.35%.
In the parallel market, the naira held steady at N1,424 per dollar, unchanged from the previous session. However, the gap between the official and parallel market rates widened to 4.71% from 4.32% on Monday.
Impact on Consumers and Businesses
GTBank's decision to raise the spending ceiling gives Nigerian consumers and businesses significantly more room to settle foreign-currency obligations through the formal banking system at a time when the naira continues to find its footing under the CBN's market-driven exchange rate framework.
Earlier, Legit.ng reported that the naira depreciated slightly against the dollar in the official market. CBN data showed that the NFEM recorded a closing rate of N1,502 per dollar at the end of trading, a 0.20% or N3 depreciation compared to the previous day's closing rate of N1,499.
