Guaranty Trust Bank (GTBank) has resumed international transactions on its naira-denominated Mastercard, becoming the latest Nigerian bank to reinstate services that were suspended for over three years due to crippling foreign exchange shortages.
In an email to customers on Friday, GTBank announced that holders of its naira Mastercard can now transact globally, subject to a quarterly limit of $1,000. This ceiling covers all international spending—online purchases, point-of-sale payments, and ATM withdrawals outside Nigeria. However, ATM withdrawals have a separate sub-limit of $500 per quarter.
Curiously, some customers have reported receiving higher spending thresholds. Bashir Ahmad, a former presidential media aide, shared on social media that his notification from GTBank specified a $4,000 quarterly limit, sparking questions over how the bank determines these tiers. GTBank has yet to publicly clarify whether such variations are based on customer profiles, account types, or transaction histories.
Part of a broader restoration trend
GTBank’s move comes on the heels of similar announcements by other major Nigerian lenders. Just days earlier, United Bank for Africa (UBA) and Wema Bank disclosed that they had reactivated international payment capabilities on their naira cards. UBA’s rollout restored global transaction functionality on its premium Gold, Platinum, and World cards, allowing customers to shop, pay, and withdraw cash worldwide. Wema Bank, meanwhile, highlighted that its naira Mastercard could once again be used for popular platforms like Amazon, Netflix, AliExpress, and Spotify.
These developments collectively mark the end of a painful period that began in mid-2022, when a severe scarcity of foreign exchange forced banks to suspend dollar-denominated transactions on naira cards. The restrictions cascaded across the sector: Standard Chartered was first to pull the plug in July 2022, followed by First Bank in September, GTBank itself by December, and Zenith Bank in early 2023. Even fintech players such as Flutterwave and Eversend halted virtual card services for international use.
Why the change now?
The resumption of services underscores growing confidence in Nigeria’s foreign exchange market. Analysts attribute the shift to stronger FX liquidity, a narrowing gap between official and parallel market rates, and policy measures by the Central Bank of Nigeria that have improved diaspora remittances and cleared much of the forex backlog.
“The improved ease of fund transfers, rising oil receipts, and Nigeria’s elevated interest rates have reduced speculative pressures on the naira,” noted Charles Sanni, CEO of Cowry Treasurers. Ayokunle Olubunmi of Agusto & Co also pointed to better bank capitalization and new trading platforms that have stabilized the currency environment.
