The Central Bank of Nigeria (CBN) has announced a fresh review of banking charges, increasing the cost of ATM card issuance and replacement to N1,500, sparking reactions among Nigerians.
The update was contained in the apex bank’s latest exposure draft of the reviewed Guide to Charges by Banks and Other Financial Institutions (OFIs) 2026, aimed at restructuring banking fees across the country...READ THE FULL ARTICLE HERE .
What CBN Said About the New ATM Fee
According to the new guideline, Nigerians will now pay:
- N1,500 for ATM card issuance and replacement (up from N1,000)
- Negotiable fees for premium cards, depending on the bank
- Zero charges for virtual cards, which remain free
The development represents a 50% increase and is expected to affect millions of bank customers nationwide.
Major Relief as CBN Scraps Maintenance Charges
In a move that may ease concerns, the CBN also removed the N50 monthly maintenance fee previously charged on naira debit cards.
However, for those using foreign currency cards, an annual maintenance fee of $10 will still apply.
Another Big Change: No Charges on POS Payments
The apex bank also introduced a major shift in PoS transactions:
- Customers will no longer pay for using PoS machines
- Merchants will now bear the Merchant Service Charge (MSC)
This means Nigerians can make card payments at shops and business outlets without extra deductions.
Why CBN Made This Move
The Central Bank of Nigeria explained that the review is part of efforts to:
- Promote cashless transactions
- Improve financial inclusion
- Support digital banking growth
- Align banking charges with current economic realities
What This Means for Nigerians
While the increase in ATM card fees may raise eyebrows, the removal of maintenance charges and free PoS payments could offer some relief.
The latest move signals the CBN’s continued push toward a cashless economy, even as Nigerians adjust to the new cost of banking services.
