FG Debunks N500,000 Card Payment Cap, Says No Spending Limit Exists

|By Babatunji Wusu

The Federal Government has firmly dismissed claims that Nigerians face a ₦500,000 cap on card payments, stressing that no such restriction exists anywhere in the country.

The clarification came on Monday after a social media claim alleged that the Central Bank of Nigeria had imposed limits on card usage and Automated Teller Machine transactions. Responding via his official X account, the Special Assistant to the President on Social Media, Dada Olusegun, said the claim misrepresented an existing Central Bank policy.

According to him, the policy in question, which became public on December 2, 2025, applies strictly to ATM cash withdrawals and specific Point of Sale transaction thresholds, not total card payments.

Olusegun explained that the guidelines were introduced to strengthen risk management, curb fraud, and protect the integrity of Nigeria’s payment system, rather than restrict lawful consumer spending.

He emphasized that Nigerians remain free to spend legitimately through card payments without any overall monetary ceiling, adding that the misunderstanding likely arose from a misreading of the ATM and POS withdrawal rules.

The government urged the public to verify financial information from official sources to avoid unnecessary panic and misinformation.