The Special Assistant to President Bola Tinubu on Social Media, Dada Olusegun, has clarified that there is no limit placed on card payments in Nigeria by the government.
The presidential media aide who made the clarification on Monday, explained that the Central Bank of Nigeria (CBN), only set a limit on ATM cash withdrawals and certain POS/card transaction thresholds.
He added that the policy was initiated for risk management, fraud prevention, and system integrity, and not designed to restrict legitimate spending.
“Funny how you pretend to be on every trending topic when you shy away from the ones that actually matters to you from the government.
“The CBN policy setting the limit for ATM was publicized as far back as 2nd December, 2025.
“That being said, it is important to clarify that there is no ₦500,000 cap on total card payments in Nigeria. What exists is a limit on ATM cash withdrawals and certain POS/card transaction thresholds, primarily for risk management, fraud prevention, and system integrity, not to restrict legitimate spending.
“I have attached a copy of the communique for you to read and educate yourself over this issue.
“Thanks for your attention to this matter,” he wrote on his 𝕏 account.
Naijaonpoint reports that the statement comes as a response to an initial post by a netizen, who had taken to the social media platform to allege that the Tinubu govt is bent on frustrating Nigerians and queried why the CBN would place a limit of N500k on the use of ATM cards.
It would be recalled that the CBN had, in December 2025, announced that it would revise its cash withdrawal rules, effective January 2026.
The Director of the Financial Policy & Regulation Department, Dr Rita I. Sike, in a circular released on Tuesday, December 2, 2025, stated that the policy is designed to reduce the cost of cash management, strengthen security, and curb money laundering risks associated with the economy’s heavy reliance on physical currency.