No ₦500000 Limit On Card Payments In Nigeria – Tinubu’s Aide

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The Special Assistant to President Bola Tinubu on Social Media, Dada Olusegun, has clarified that the Nigerian government has not imposed any limit on card payments in the country.

Olusegun, speaking on Monday, explained that the Central Bank of Nigeria (CBN) only sets limits on ATM cash withdrawals and certain POS or card transactions, emphasizing that these measures are aimed at risk management, fraud prevention, and ensuring system integrity—not restricting legitimate spending.

He wrote on his 𝕏 account, “Funny how some people chase every trending topic but ignore the ones that actually matter from the government. The CBN policy setting ATM limits was publicized as far back as December 2, 2025.

“That said, there is no ₦500,000 cap on total card payments in Nigeria. The limits only apply to ATM withdrawals and specific POS or card transactions to safeguard against fraud and maintain system integrity, not to restrict normal spending. I have attached a copy of the communique for public reference.”

The clarification was issued following a social media post by a netizen claiming that the Tinubu administration was attempting to frustrate Nigerians by limiting ATM card usage to ₦500,000.

The CBN had in December 2025 announced revisions to its cash withdrawal rules, effective January 2026. The Director of the Financial Policy & Regulation Department, Dr. Rita I. Sike, explained in a circular that the policy is intended to reduce cash management costs, enhance security, and curb money laundering risks in an economy heavily reliant on physical currency.