Nigerian banks have begun easing restrictions on foreign transactions for naira debit cards, signaling a gradual easing of the foreign exchange (FX) crisis that has plagued the country for months. The move comes as the Central Bank of Nigeria (CBN) reports improved liquidity and a reduction in the demand for foreign currency, according to businessday.ng.
The adjustment in spending limits reflects a shift in policy as the government and central bank work to stabilize the naira and restore confidence in the financial system. Previously, banks had imposed strict caps on overseas transactions due to a severe shortage of foreign currency, which led to long queues at banks and black-market exchange rates.
Analysts suggest that the easing of FX controls is part of broader efforts to attract foreign investment and support economic growth. However, they caution that sustained improvements will depend on continued policy reforms and macroeconomic stability. The Central Bank has also announced plans to increase the availability of foreign currency through new mechanisms, aiming to further alleviate the pressure on the naira.
( businessday.ng )
