Improved foreign exchange liquidity driven by economic reforms is prompting Nigerian banks to expand international spending limits on naira cards, signalling renewed confidence in the economy and easing access to global payments, ARINZE NWAFOR writes
Deposit Money Banks are increasing the amount naira cardholders can spend abroad as dollar liquidity strengthens across the financial system. Following financial sector reforms and the clearance of a $7bn foreign exchange backlog by the Olayemi Cardoso-led Central Bank of Nigeria, foreign exchange inflows into the economy continued to rise, reaching $112bn by the end of 2025.
The increase in autonomous foreign exchange inflows, foreign portfolio investments and non-oil export proceeds is enabling local banks to raise international spending limits on naira cards while also supporting foreign direct investment into the domestic economy.
Before the Olayemi Cardoso-led management team assumed office at the Central Bank of Nigeria in October 2023, one of the most significant
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