The Federal Government clarified Monday no Central Bank of Nigeria directive caps ATM payments or withdrawals at N500,000, slamming viral rumors as baseless misinformation aimed at spooking markets amid NGX's N745bn bull run.
Official CBN circulars from December 2025 set daily ATM limits at N100,000 per customer with cumulative weekly cash withdrawals across channels (ATM, POS, OTC) at N500,000 for individuals – excesses trigger 3% fees, but no standalone "ATM payments" ceiling exists as falsely claimed.
The policy, effective January 1, 2026, replaces 2022's N20k daily curbs to ease cash strains, boost digital shifts, and curb laundering sans deposit bans or third-party cheque hikes.
Finance Ministry spokesmen urged calm, tying panic to naira redesign scars while Wema's ALAT upgrades and stock surges signal fintech trust rebuild. Weekly tallies track via BVN across banks – corporates get N5m caps at 5% overage – aiming GDP juice via e-channels over cash kings. Naija streets exhale post-FG tweetstorm, but X skeptics probe "why whisper now?" CBN stays mum, policy scrolls live. Fake caps crushed, cash flows freer.