After years of restrictive international transaction limits driven by foreign exchange shortages, Nigerian banks are once again expanding customers’ access to dollar-denominated payments.
The shift marks a significant turnaround from the situation between 2023 and 2025, when dwindling FX liquidity and mounting pressure on the naira forced lenders to slash international card spending limits and, in some cases, suspend offshore transactions altogether.
For many Nigerians, especially students, travelers, and businesses with foreign obligations, the restrictions meant relying heavily on the parallel market to source dollars.
Today, however, a combination of improved FX liquidity and Central Bank of Nigeria (CBN) reforms is enabling banks to gradually restore and increase international transaction limits on naira cards.
A review by Nairametrics across major commercial banks shows a notable increase in international spending limits over the past three months.
The new threshold represents a 566.7% increase from the $6,000 quarterly limit announced in May 2026 and doubles the $20,000 limit in place as of August 10, 2026. The increase gives customers greater flexibility to pay for school fees, airline tickets, accommodation, and other international expenses.
The bank has also increased ATM withdrawal limits to $1,000 daily.
Industry experts say the increased limits reflect a significant improvement in foreign exchange liquidity across the financial system.
They point to several CBN reforms that have helped improve market liquidity. These include the implementation of the willing buyer-willing seller FX model, the licensing of additional International Money Transfer Operators (IMTOs), improvements in diaspora remittance channels, and easier access to naira liquidity for remittance operators.
Together, these measures have strengthened dollar inflows into the formal market and improved banks’ ability to meet customer demand.
According to Olubunmi Ayokunle, Head of Financial Institutions Rating at Agusto & Co, the development is primarily a function of improved dollar availability.
While welcoming the improvements, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, cautioned that the gains must be protected through strong compliance and monitoring.
His comments suggest that while current conditions support higher limits, regulators remain prepared to intervene if abnormal demand patterns emerge.
For many Nigerians, the increase in spending limits represents much-needed relief after years of transaction constraints.
The revised framework complements recent CBN guidelines that raised the maximum tuition fee remittance for students abroad from $15,000 to $25,000 per semester.
Remilekun Ariyo, a bank customer, described the development as a major improvement.
Kasarachi, a Nigerian postgraduate student in Canada, also noted that international payments have become easier compared with a year ago.
Last year, banks resumed international transactions on Naira cards following the period between 2022 and 2025, when many banks suspended international transactions on naira-denominated cards due to severe FX shortages.
Major lenders including GTBank, UBA, Access Bank, FirstBank, Zenith Bank, and Ecobank either reduced limits drastically or halted international card usage altogether.
The restrictions left many Nigerians unable to pay for international services such as streaming subscriptions, software licenses, online advertising, and tuition fees, forcing them to seek alternatives through the parallel market.
With liquidity conditions improving and reforms taking hold, banks are once again expanding access to international payments—a signal that confidence is gradually returning to Nigeria’s foreign exchange market.
The rising international transaction limit comes amid an increase in Nigeria’s external reserves.
By August 31, reserves had reached $53.81 billion before crossing $54 billion three days later.
