Nigeria Banks Boosting Dollar Spending as Liquidity Improves

GT Bank, Nigeria’s biggest bank by market value, has raised the maximum monthly dollar spend limit to $1,000 from

Nigerian banks are boosting dollar-spending limits for payment cards denominated in local currency as much as tenfold because of improved foreign-exchange supply, the nation’s biggest lender said.

Guaranty Trust Bank, the country’s biggest bank by market value, raised the maximum amount a holder of its naira Mastercard can spend abroad in a month to $1,000 from $100, in line with “the relative improvement in foreign-exchange liquidity in the market,’’ Meksley Nwagboh, a spokesman for the lender said Monday in an emailed response to questions.

Ecobank Transnational Inc. has set a $1,000 per day limit from $100 while FCMB Group Plc will start implementing its new spending limit of $500 per month this week, according to their officials.

Read more: Nigeria Banks Boosting Dollar Spending as Liquidity Improves – Bloomberg

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