Customers were notified by GTBank that they could now pay for their favorite items anywhere in the world with their naira card, which now has a $1000 limit for international transactions over three months.

“This limit covers cash withdrawals from ATMs abroad up to $500 and online and point-of-sale transactions up to $1000. We would like to remind everyone that the $1000 cap on all other transactions outside of Nigeria applies to cash withdrawals, online payments, point-of-sale payments, and services related to withdrawals paid for in dollars”, the orange coloured bank stated. 

UBA also stated, “As part of our unwavering dedication to enhancing your banking experience, we are delighted to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variant cards, are now fully operational for international transactions.” 

The naira’s firmness followed support from the IMF for Nigeria’s disinflation strategy. They describe the CBN’s tight monetary policy as “appropriate and necessary” in losing inflation expectations and securing the macroeconomic framework in the Fund’s latest Article IV Consultation Report for 2025.

“Directors agreed that the Central Bank of Nigeria is appropriately maintaining a tight monetary policy stance, which should continue until disinflation becomes entrenched,” the IMF said in the report released Wednesday. 

The IMF also acknowledged the CBN’s policy shift to stop monetization of deficit control, which had contributed to inflation in previous years. They also praised efforts to improve governance and transparency in the monetary system.

The Nigerian Apex Bank held the MPR steady at 27.5 per cent and kept the Cash Reserve Ratio at 50 per cent for commercial banks and 16 per cent for merchant banks during the last MPC meeting in May.

Dollar index settled lower in global markets 

The greenback eased lower on Friday after gaining in the previous session.

Better-than-expected US jobs data delayed the Federal Reserve’s possible rate-cutting timeline, which caused the US currency to gain strength on Thursday. With high tariffs set into effect on July 9, these gains, however, were short-lived as focus turned to ongoing trade negotiations between the US and many of its trading partners.

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Only three agreements have been announced thus far, and US President Donald Trump escalated tensions by declaring on Thursday that numerous nations will receive letters on Friday outlining the tariff rates they will be subject to.

Jerome Powell, the chairman of the US Federal Reserve (Fed), and Trump have been at odds for several weeks. The European Central Bank (ECB) has lowered its key interest rates multiple times, but the central banker is unwilling to do the same.

His worry? Because inflation is likely to get out of control once more.

However, Jerome Powell suggested that he might cut these rates in the upcoming months at the ECB’s Sintra (Portugal) forum.

“When we saw the size of the tariffs and that almost all inflation forecasts for the United States have increased significantly, we suspended our activities,” the Fed chairman said. Additionally, he promised that his only concern is leaving his successor “a healthy economy.”.

However, it should be noted that a reduction in key rates could also be due to a devaluation of the US dollar. In Europe, EUR/USD increased by 0.1 per cent to 1.1774, with the single currency expected to gain 0.5 per cent per week.

German industrial orders dropped 1.4 per cent from May on a seasonally and calendar-adjusted basis, which was significantly more than anticipated, according to data released earlier Friday.

The European Central Bank lowered interest rates for the eighth time in a year in June, but decision-makers said they would probably take a break at their subsequent meeting.