Guaranty Trust Bank Ltd (GTBank) has set the foreign exchange rate for international payments on its Naira debit cards at ₦1,470 per US dollar, according to a customer notice issued on December 19, 2025.
The updated rate applies to all international card transactions, including online purchases, subscriptions, and point-of-sale payments made outside Nigeria using GTBank Naira cards. The bank also reiterated that international spending on Naira cards is capped at $6,000 per quarter, in line with prevailing Central Bank of Nigeria (CBN) guidelines.
GTBank noted that the exchange rate remains subject to change, reflecting movements in the foreign exchange market.
Rising Cost of Card-Based FX Access
The ₦1,470/$ rate highlights the continued premium Nigerians pay for card-based access to foreign exchange, even as official and parallel market rates have shown periods of convergence. For many consumers and businesses, international card usage remains one of the most accessible—but increasingly expensive—means of settling dollar-denominated obligations such as software subscriptions, airline tickets, professional services, and e-commerce payments.
Banks typically price international card transactions above spot FX rates to account for settlement costs, liquidity risk, and volatility in the naira. As a result, card FX rates often function as a retail FX benchmark for individuals without access to the official interbank or autonomous FX market windows.
Implications for Consumers and Businesses
For Nigerian cardholders, the revised rate raises the naira cost of foreign payments and reinforces the need for budgeting discipline around international spending. Businesses that rely on recurring dollar payments—particularly in technology, media, and professional services—may increasingly seek alternative FX funding strategies, including domiciliary accounts or offshore settlement arrangements.
The update also underscores the broader reality of Nigeria’s FX environment: while reforms have improved transparency, FX access remains segmented, with retail users facing higher effective exchange rates than wholesale or institutional participants.
GTBank advised customers to monitor official communications for further updates as market conditions evolve.
