Guaranty Trust Bank Limited (GTBank) has announced an exchange rate of ₦1,435 per US dollar for international transactions carried out on its naira cards, effective January 2, 2026, according to a customer notification circulated on Friday.
The notice, titled “Daily FX Rate for International Transactions,” shows that the rate applies to payments made on GTBank naira cards for foreign purchases, including online transactions and international point-of-sale payments.
The bank also reiterated that customers remain subject to a $6,000 quarterly spending limit on naira cards, in line with existing Central Bank of Nigeria (CBN) guidelines. GTBank noted that the exchange rate is subject to change, reflecting prevailing market conditions.
FX Pricing Reflects Market-Driven Card Transactions
The ₦1,435/$ rate underscores the widening gap between official FX benchmarks and the effective cost of foreign currency access for Nigerian consumers using bank cards. While the CBN has liberalised the foreign exchange market, banks now price card transactions based on liquidity conditions, funding costs, and settlement risks in offshore markets.
Industry analysts note that card FX rates often trade at a premium to spot interbank rates due to processing costs, correspondent banking charges, and volatility buffers, especially for international settlements denominated in US dollars.
Pressure on Consumers, Signal to Markets
For Nigerian consumers, the higher FX rate raises the cost of international subscriptions, travel-related payments, and foreign e-commerce transactions. However, for the broader market, the pricing reflects a shift toward greater transparency and market realism in FX access, as banks increasingly move away from administratively fixed rates.
Guaranty Trust Bank Limited has been among the more active Nigerian banks in reopening naira card access for international transactions, following years of restrictions caused by FX shortages.
The development comes amid continued efforts by the CBN to stabilise the foreign exchange market, attract capital inflows, and reduce distortions across FX windows.