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GTBank Raises Int’l Spend Limit on Naira Cards to $1000

By Modupe Gbadeyanka

Guaranty Trust Bank (GTBank) Plc has announced increasing its monthly international spend limit on its Naira MasterCard.

In an email notice to its customers on Tuesday morning, the financial institution disclosed that it was raising the limit from $100 to $1000 monthly.

“We write to inform you of the monthly spending limits currently applicable when using your GTBank Naira MasterCard for International payments,” the lender said in the email notice obtained by Business Post.

In the electronic mail, the bank said the transaction applies to POS and Online channels.

It was reliably gathered that the upward review was done as a result of improved Dollar liquidity in the country.

Restrictions were earlier placed on Naira credit and debit cards because of scarcity of foreign exchange in Nigeria.

But the Central Bank of Nigeria (CBN) intervened by supplying forex to the market on a regular basis, easing the huge pressure on the local currency.

However, GTBank announced in the email notice yesterday that “international cash withdrawal is still restricted.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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