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Forex Scarcity: Banks Suspend International Transactions On Naira Debit Cards

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Nigerians will not be able to use their Naira debit cards for international transactions as scarcity of foreign exchange (forex)worsens in Africa’s largest economy and biggest oil exporter, Daily Trust learnt.

Some banks have already alerted their customers on the latest development while it was gathered that others are keenly watching activities before implementing the policy owing to the scarcity of forex.

This development is coming a few months after banks in the country reduced the monthly international spending limit on Naira cards to as low as $20. The daily international withdrawal limit has been around $100 for most banks until March when banks cut international spending.

Banks had in 2020 stopped the use of naira cards for ATM foreign currency withdrawals while reviewing monthly international spending using naira cards from $500 to $300 and ultimately to $100.

According to data obtained from the Central Bank of Nigeria (CBN), Nigeria’s external reserves depreciated by $1.37 billion (3.37%) in the first six months of 2022 to $39.16bn as of June 30 from $40.52bn it closed in 2021. This is despite the recent surge in global energy prices

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A further scrutiny of the data also revealed that the external reserves fell to $38.882bn on August 11 from $39.219bn at the end of July 2022.

External reserves are assets held on reserve by CBN in foreign currencies and these reserves are used to back liabilities and influence monetary policy.

In the latest development however, First Bank announced that international transactions will be stopped on all Naira cards from September 30.

“Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card and Visa Prepaid Naira card for international transactions. This will take effect on 30 September 2022.

Standard Chartered Bank had earlier announced the suspension of international transactions on Naira visa debit cards from August 1.

“Kindly be informed that effective August 1, 2022, International spend on our Naira Visa Debit Card will be suspended. Also, the International spend limit on our Standard Chartered Bank Credit Card however remains at $1,000 monthly and Foreign Currency Debit Card limits remain unchanged,” it had notified its customers in July.

A reliable source in one of the banks that have not implemented the latest policy said ‘it is a matter of time as we are also observing the situation’

Experts expressed worries that banks are reacting to the realities of the market, noting that the CBN has explanations to make on forex scarcity despite its many policies to encourage foreign exchange earnings.

“Are we not exporting at all? Are exporters not repatriating their funds to Nigeria despite CBN policies? Why are we having serious scarcity? The fault is not with the banks, CBN should be able to explain why we are having these challenges,” noted an analyst who does not want his name in print.

Daily Trust

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Toyota Motor Show Roars into Lagos Tomorrow with Test Drives, Debates, Free Diagnostics, Others

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Toyota Motor Show Roars into Lagos Tomorrow with Test Drives, Debates, Free Diagnostics, Others

Toyota Motor Show Roars into Lagos Tomorrow with Test Drives, Debates, Free Diagnostics, Others

4-Day Festival Kicks Off June 2, No Admission Fees

If you have ever wanted to get behind the wheel of a Land Cruiser, grill a Toyota engineer, or win prizes while learning how your engine actually works, tomorrow is your day.

Toyota Nigeria Limited will throw open the gates for its annual Toyota Motor Show on Tuesday, June 2, 2026. And for four days, Lekki becomes the city’s biggest car park, debate stage, and hangout spot rolled into one. The show runs through Saturday, June 6, with a break on Friday, 5th June, according to the organisers, TNL.

Forget the usual “stand-and-stare” motor shows. TNL says it is going full experience:

Day 1: Tuesday, June 2 – See It, Drive It, Hear It
Doors open for open vehicle viewing. But the headline is _PodCARst_ going live – Toyota’s new podcast recorded on-site. First guest? Celebrity guest Soma, in conversation with execs. Think cars, culture, and no script.

Day 2: Wednesday, June 3 – Youth Takeover
This is for students and young professionals. Expect debate competitions, quiz battles, and hands-on workshops. Kate Henshaw, screen legend, will be on ground to meet fans and judge the action.

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Day 3: Thursday, June 4 – Influencer Tours
Social media star Mama Deola leads guided vehicle tours. She will walk the arena, break down why the Hilux still owns Nigerian roads, and why the Corolla and other Toyota models make sense for fuel prices today. Public access continues all day.

Grand Finale: Saturday, June 6 – The Bump Off
The event will close with another _PodCARst_ recording popular social media influencer, Ride With Mee, then turn up the energy for the “Toyota Bump Off” – a mini-rave hosted by media personality Dotun. DJ, outdoor games, prizes, and one last round of test drives.

All Week Long, All Visitors Get:
1. Free vehicle diagnostics – TNL technicians will scan your car, no charges.
2. Test drives – From Camry to RAV4 to Hilux. Book a slot, feel the ride.
3. Open exhibitions – Touch, sit, and compare Toyota’s latest models and mobility solutions.

Why it matters: This isn’t just a car show. It’s Toyota Nigeria doubling down on connection. No sales pitch banners. Just real conversations, real cars, and real value for owners and future owners. After two years of record crowds, this 3rd edition is bigger, louder, and more interactive.

Admission is free. Bring your questions, bring your car keys, and bring your appetite for prizes.

Venue: The Podium. I24 Tunde Kuboye Road. Lekki. Lagos
Dates: Tuesday June 2 – Saturday June 6, 2026. No Show on Friday June 5.

 

Toyota Motor Show Roars into Lagos Tomorrow with Test Drives, Debates, Free Diagnostics, Others

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Toyota By CFAO Launches 2026 RAV4 in Nigeria, Ends Long Wait for Latest Global Model

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Toyota By CFAO Launches 2026 RAV4 in Nigeria, Ends Long Wait for Latest Global Model
2026 Toyota RAV4

Toyota By CFAO Launches 2026 RAV4 in Nigeria, Ends Long Wait for Latest Global Model

Toyota-by-CFAO Nigeria has unveiled the all-new 2026 Toyota RAV4, bringing the latest generation of the globally acclaimed SUV to the Nigerian market in a move that signals a new era for local vehicle buyers.

For the first time, Nigerian customers will have access to the same-generation RAV4 available in leading international markets, eliminating the years-long delay that has traditionally separated local buyers from global launches.

The new SUV is backed by a three-year manufacturer’s warranty, Toyota-certified after-sales support and nationwide access to genuine spare parts, with customer deliveries already underway.

Speaking at the unveiling, Managing Director of Toyota-by-CFAO Nigeria, Boye Ajayi, said the company was raising the benchmark for vehicle ownership in the country.

“The 2026 RAV4 is here. Nigerian customers are no longer waiting years behind global markets or settling for older specifications. They are receiving the same vehicle available internationally, at the same time, with full manufacturer support,” Ajayi said.

Available in three variants — Active (2.0L 2WD), Comfort (2.0L 4WD) and Limited (2.0L 4WD) — the SUV is powered by a 2.0-litre DOHC petrol engine producing 172 horsepower and features Sport, Normal and Eco driving modes.

Designed to balance comfort, performance and practicality, the RAV4 offers a 481-litre cargo space, 201mm ground clearance and a 55-litre fuel tank suited for both city commuting and long-distance travel.

Standard features across the range include Apple CarPlay and Android Auto connectivity, dual-zone climate control, LED headlamps, 18-inch alloy wheels, SmartKey keyless entry, push-button start and a rear-view camera.

Toyota also equipped the SUV with an extensive safety package, including Anti-lock Braking System (ABS), Electronic Brakeforce Distribution (EBD), Vehicle Stability Control (VSC), hill-start assist and multiple airbags.

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While the entry-level Active variant targets urban motorists seeking reliability and efficiency, the Comfort model adds all-wheel-drive capability, heated front seats, roof rails and additional convenience features for customers who frequently travel outside city limits.

The flagship Limited variant comes with a larger 12.8-inch infotainment screen, panoramic sunroof, premium leather upholstery, power-adjustable front seats and seat heating, offering a more luxurious driving experience.

Ajayi described the new RAV4 as more than a routine upgrade, noting that the improvements are both visible and practical.

“This is not a minor refresh. The upgrades are evident in the technology, interior refinement, driving experience and overall convenience offered to customers,” he said.

To strengthen ownership confidence, Toyota-by-CFAO Nigeria said the vehicle is supported by a robust after-sales ecosystem comprising trained technicians, genuine parts inventory and service centres in Lagos, Abuja and Port Harcourt. The company plans to expand its authorised service network to 75 locations nationwide by March 2027.

The launch has already generated strong market interest, with several customers placing confirmed orders ahead of the official unveiling.

According to Ajayi, the early demand reflects a growing shift among Nigerian buyers towards brand-new vehicles backed by manufacturer warranties and structured after-sales support, rather than used imports with uncertain histories.

Managing Director of CFAO Mobility, Denis Martin, said Nigeria’s inclusion in the global launch schedule demonstrates the progress made by Toyota-by-CFAO Nigeria in building world-class sales and service infrastructure.

The 2026 Toyota RAV4 is now available at Toyota-by-CFAO showrooms in Lagos, Abuja and Port Harcourt, with financing options offered through partner institutions. A public launch event featuring test drives and on-site vehicle orders is scheduled for June 11 at the company’s Victoria Island showroom in Lagos.

 

 

Toyota By CFAO Launches 2026 RAV4 in Nigeria, Ends Long Wait for Latest Global Model

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Carloha Rides High, Plans New EV for Nigeria After Winning Global Honours

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Carloha Rides High, Plans New EV for Nigeria After Winning Global Honours 

 

Carloha Nigeria, the authorised dealer of Chery vehicles in Nigeria, is strengthening its position in the country’s automotive industry after clinching two prestigious global awards as it unveils plans to introduce another electric vehicle (EV) into the market.

iCAUR (iCAR) is a global youth-oriented electric vehicle brand under the Chery Group, which was developed in partnership with SmartMi Tech. The brand is focused on stylish designs and smart mobility and it is currently expanding across international markets.

Carloha Nigeria received the New Star Award and Brand Leap Contribution Award at the 2026 Chery Global Summit and Beijing International Automotive Exhibition in China. This is in recognition of its rapid market growth, brand development efforts and customer engagement initiatives.

The international recognition comes as Carloha intensifies its push into Nigeria’s growing EV space, buoyed by the positive reception of the iCAUR brand among motorists, technology enthusiasts and environmentally conscious consumers.

Managing Director, Sola Adigun, said the awards validate the company’s commitment to delivering world-class automotive solutions, while the growing acceptance of iCAUR reflects increasing consumer interest in innovative and sustainable mobility options.

“The Nigerian automotive market is evolving, and consumers are becoming increasingly receptive to innovation, sustainability and smart mobility solutions.

“The success of iCAUR has encouraged us to continue investing in the future of electric mobility in Nigeria,” he said.

Adigun disclosed that plans for the launch of a new EV are at an advanced stage, describing the move as part of a broader strategy to expand consumer choice and support Nigeria’s transition to cleaner transportation.

He added, “Winning these awards on the global stage is a strong endorsement of the work our team has done in building the Chery brand in Nigeria.

“It also demonstrates that Nigerian automotive businesses can compete successfully with the best across the world.”

According to him, Nigerian customers are increasingly demanding vehicles that combine intelligent safety technologies, premium comfort, fuel efficiency and modern design, noting that these qualities were prominently showcased by Chery at the Beijing exhibition.

“Beyond selling vehicles, our goal is to provide mobility solutions that meet the evolving needs of Nigerian families and businesses while aligning with global trends in sustainability, innovation and customer experience,” Adigun said.

At Auto China 2026, Chery also showcased its latest safety and intelligent mobility technologies, including the all-new TIGGO V and its AiMOGA robotics innovations, under its new global brand philosophy, “For Family.”
General Manager, Felix Mahan, said the awards underscore Carloha Nigeria’s commitment to excellence and customer satisfaction, adding that the company’s CarlohaCare 6-6-7 package continues to offer customers industry-leading aftersales support through a six-year warranty, six years of free service and a seven-day repair promise.
“This recognition reflects growing international confidence in both the Nigerian market and our ability to deliver world-class customer experience. We remain committed to making vehicle ownership easier, more affordable and more rewarding for our customers,” Mahan said.
With fresh global recognition and an expanded EV strategy, Carloha is positioning itself as one of the key players driving the future of sustainable mobility in Nigeria.

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