The Special Assistant to President Bola Tinubu on Social Media, Dada Olusegun, has clarified that the Nigerian government has not imposed a ₦500,000 limit on card payments.
Olusegun explained that the Central Bank of Nigeria (CBN) only sets limits on ATM cash withdrawals and certain POS/card transactions. These measures are intended for risk management, fraud prevention, and system integrity, and are not meant to restrict legitimate spending.
“The CBN policy on ATM withdrawal limits was announced on December 2, 2025. To be clear, there is no ₦500,000 cap on card payments in Nigeria. The limits exist only for ATM withdrawals and certain POS/card transactions for safety and system integrity,” he wrote on his 𝕏 account, attaching the official communique.
This clarification follows a social media post by a netizen who claimed the Tinubu administration was attempting to frustrate Nigerians by limiting card usage.
The CBN’s revised cash withdrawal policy, effective January 2026, aims to reduce cash management costs, enhance security, and curb money laundering in an economy still heavily reliant on physical currency, according to Dr. Rita I. Sike, Director of the Financial Policy & Regulation Department.