GTBank increases spending limit on Naira Mastercard

GTBank increases the spending limit on Naira Mastercard.

Guaranty Trust Bank (GTBank), one of Nigeria’s top banks, has announced an increase in the monthly spending limit for international transactions on its Naira Mastercard for its customers.

The monthly limit has now been reviewed upwards to $200 from the previous $100, according to a notice sighted by abokimallamfx on Friday, November 12, 2021.

Some other banks had pegged their limit at $20 monthly as a result of the forex crisis.

Currency regulators in the country as part of efforts to combat foreign exchange scarcity reduced the monthly spending limit on international transactions.

This came as a reaction to the drop in crude oil price last year which led the Central Bank of Nigeria (CBN) to ration forex supply and this put pressure on the Naira. As a result, local banks reduced the offshore spending limit of their customers.

The lockdowns imposed by countries last year to curb the spread of Covid-19 led to a decline in the demand for fuel, which affected prices.

Crude oil is Nigeria’s major forex earner.

However, as most economies are now opening up, prices of crude oil at the international market are higher and thereby increasing the country’s foreign reserves as more crude oil is now being sold following increased demand.

This rise in foreign reserve may have informed the decision of the local banks, including GTBank, to increase the monthly spending limit of customers on the Naira Mastercard for international transactions.

Customers of GTBank who previously could not make monthly transactions above $100, can now do so up to a limit of $200.

Part of the notice read:

“We would like to inform you that the monthly spending limit on your Naira Mastercard has been reviewed upwards from $100 to $200 for international online and POS transactions.

“For further enquiries, please contact our Card Services Team at cardservices@gtbank.com or call GTConnect, our 24-hour fully interactive self-service centre, on 08029002900 or 08039003900 or reach us on WhatsApp via +23470016974994.”