No ₦500,000 Limit On Card Payments

No ₦500,000 Limit On Card Payments – FG
CBN policy targets ATM withdrawals, not card payments
Policy focuses on security, fraud control, system integrity

The Special Assistant to President Bola Tinubu on Social Media, Dada Olusegun, has clarified that the Federal Government has not placed any limit on card payments in Nigeria, contrary to claims circulating on social media.

EDITOR’S PICKS

EKO HOT BLOG reports that Olusegun made the clarification on Monday, explaining that the Central Bank of Nigeria only imposed limits on ATM cash withdrawals and certain point of sale and card transaction thresholds. He stressed that there is no blanket restriction on how much Nigerians can spend using their bank cards.

According to him, the policy was introduced strictly for risk management, fraud prevention and the protection of the financial system, and not to frustrate Nigerians or restrict legitimate transactions.

Reacting to an online post alleging that the Tinubu administration was deliberately making life difficult for citizens by imposing a ₦500,000 limit on ATM card usage, Olusegun dismissed the claim as misleading.

He noted that the CBN’s decision on ATM withdrawal limits was made public as far back as December 2, 2025, and urged Nigerians to seek accurate information before spreading claims that could cause unnecessary panic.

“There is no ₦500,000 cap on total card payments in Nigeria. What exists is a limit on ATM cash withdrawals and certain POS and card transaction thresholds, mainly for risk management, fraud prevention and system integrity,” he wrote on his verified X account.

Olusegun added that the policy was not designed to restrict genuine spending, stating that the CBN remains focused on strengthening financial security while supporting digital payment systems.

The clarification followed the Central Bank’s announcement in December 2025 that it would revise its cash withdrawal rules, with the new guidelines taking effect from January 2026.

In a circular signed by the Director of the Financial Policy and Regulation Department, Dr Rita I. Sike, the apex bank explained that the revised policy was aimed at reducing the cost of cash management, improving security and curbing money laundering risks linked to Nigeria’s heavy dependence on physical cash.

No ₦500,000 Limit On Card Payments - FG — No ₦500,000 Limit On Card Payments – FG

The CBN maintained that the measures were part of broader reforms to encourage electronic transactions and promote a safer and more efficient financial system.