Nigerian banks have adjusted their policies to allow higher limits on foreign transactions for naira debit cards, following a reduction in foreign exchange shortages. The change comes as the central bank reports improved liquidity in the market, enabling financial institutions to ease restrictions previously imposed during the currency crisis. This adjustment is expected to benefit consumers and businesses that frequently engage in international trade or travel.
One major bank, GTCo, has raised its credit card limit by twenty times, increasing it to $20,000, which reflects a broader trend among Nigerian banks to adapt to current economic conditions. The move aims to restore confidence in the financial system and support economic activities that require foreign currency transactions.
The policy shift follows months of efforts by the Nigerian government and central bank to stabilize the naira and attract foreign investment. Analysts suggest that the relaxed limits could also encourage more local spending on imported goods, potentially boosting the economy. (businessday.ng)
