Nigeria Banks Boosting Dollar Spending as Liquidity Improves
- Lenders increasing spending limits on payment cards abroad
- Foreign-currency supply gains from new exchange window
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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.