The Federal Government has clarified that there is no N500,000 limit on N500,000 card payments in Nigeria.

Special Assistant to the President on social media, Dada Olusegun, made this clarification on Monday through its X account.

This comes amid a claim by a social critic, Daniel Regha that the Central Bank of Nigeria placed a limit on the use of Automated Teller Machines.

However, Dada explained that no such thing exists, rather a CBN policy that became public on 2nd December 2025 centered around ATM cash withdrawals and certain Point of Sale transaction thresholds to prevent fraud.

“The CBN policy setting the limit for ATMs was publicized as far back as 2nd December 2025.

“That being said, it is important to clarify that there is no N500,000 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,” he said.

DAILY POST recall that last year the apex bank had announced a policy document on thresholds on ATM/POS cash withdrawals.