The Federal Government has dismissed claims that card payments in Nigeria are capped at N500,000, clarifying that no such limit exists on total card transactions in the country.
The clarification was made on Monday by the Special Assistant to the President on Social Media, Dada Olusegun, via his official X account, following public speculation sparked by comments from social critic Daniel Regha, who alleged that the Central Bank of Nigeria (CBN) had imposed a N500,000 limit on the use of Automated Teller Machines (ATMs).
According to Dada, the claims are a misinterpretation of an existing CBN policy that was made public on December 2, 2025. He explained that the policy focuses on ATM cash withdrawal limits and certain Point of Sale (POS) or card transaction thresholds designed to curb fraud and protect the integrity of the payment system.
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“The CBN policy setting limits for ATMs was publicised as far back as December 2, 2025,” Dada said. “However, it is important to clarify that there is no N500,000 cap on total card payments in Nigeria.”
He stressed that the applicable limits relate specifically to cash withdrawals via ATMs and selected POS or card transactions, and are intended for risk management, fraud prevention and system stability, rather than to restrict legitimate consumer spending.
The Central Bank of Nigeria had previously issued a policy document outlining thresholds for ATM and POS cash withdrawals, aimed at strengthening electronic payment security and reducing financial system abuse.
