Nigerian bank customers can now send more dollar payments overseas, easing a years-long squeeze on international card transactions. Major lenders have increased limits on naira cards and ATM withdrawals, giving students, travellers and firms greater flexibility to pay tuition, tickets, accommodation and other foreign bills.
The rise in thresholds follows a period of severe foreign exchange shortfalls that between 2022 and 2025 saw many banks sharply reduce or suspend offshore transactions. A recent review shows the new international spending ceiling represents a 566.7% increase from the $6,000 quarterly cap announced in May 2026 and doubles the $20,000 limit that stood on August 10, 2026. Banks have also lifted ATM cash withdrawal limits to $1,000 a day.
Industry analysts link the change to improved dollar availability in the formal market and a package of Central Bank of Nigeria reforms. Regulators implemented a willing buyer-willing seller FX model, licensed additional international money transfer operators, expanded diaspora remittance channels, and eased naira liquidity access for remittance operators. Those moves, the analysts say, have strengthened dollar inflows and improved banks’ ability to meet customer demand.
Olubunmi Ayokunle, head of financial institutions ratings at Agusto & Co, attributed the development primarily to greater dollar availability. At the same time, Dr. Muda Yusuf, chief executive of the Centre for the Promotion of Private Enterprise, urged vigilance, saying the gains should be protected through strong compliance and monitoring and that regulators remain prepared to step in if abnormal demand emerges.
The restored limits complement other recent CBN guidance, notably the increase in the maximum tuition fee remittance for students abroad from $15,000 to $25,000 per semester. The policy shifts arrive alongside a rise in external buffers: reserves stood at $53.81 billion on August 31 and crossed $54 billion three days later.
After multi-year restrictions that forced many Nigerians to turn to the parallel market for dollars, the gradual reopening of international payments signals a return of confidence in Nigeria’s FX market. Banks appear to be restoring services cautiously, while regulators and industry observers watch for demand patterns that could prompt renewed intervention.
