GTBank lowers FX rate on naira cards for international transactions

GTBank on Wednesday reduced the foreign exchange (FX) rate for international transactions to N1,543, down from N1,545 charged on Monday.

The bank announced the adjustment in a notice sent to customers.

“The FX rate for international payments on your GTBank Naira card today, 20-08-2025, is N1,543. Kindly note that this rate is subject to change and is updated intraday and daily, in line with prevailing market conditions,” the statement read.

Last month, major commercial banks including Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), Ecobank, Wema Bank, and Stanbic IBTC resumed international usage on Naira-denominated debit cards, allowing customers to make purchases and withdrawals abroad.

The development followed months of tight restrictions driven by foreign currency shortages and volatility in the exchange market, during which most banks had suspended international card transactions.

With FX conditions improving, banks have lifted those restrictions, offering relief to customers who rely on Naira cards for online subscriptions, travel expenses, and payments on international platforms.

The resumption of cross-border Naira card usage, alongside improved liquidity, is viewed by analysts as a positive sign for Nigeria’s FX market, reflecting cautious optimism as financial sector reforms gain momentum.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.