The Federal Government has denied reports claiming that the Central Bank of Nigeria has placed a N500,000 limit on card payments made through ATMs in the country. According to the government, Nigerians are free to make card payments above that amount where necessary, and no policy exists restricting total card spending.

The clarification was made by the Special Assistant to the President on Social Media, Dada Olusegun, who said the confusion arose from a misunderstanding of an existing CBN policy. He explained that the policy focuses on cash withdrawals and some Point of Sale transaction thresholds, mainly to reduce fraud and improve financial security.

Olusegun added that the CBN guidelines were introduced in December 2025 and were never meant to stop legitimate financial activities. Instead, the rules are designed to manage risks within the banking system and protect users from criminal abuse of digital payment platforms.

The government urged the public to ignore misleading claims circulating online and rely on official sources for financial information. It assured Nigerians that digital payments remain safe, flexible and open, and that no limit has been placed on lawful card transactions.