ABUJA, Nigeria — The Central Bank of Nigeria (CBN) has increased the fee for issuing and replacing Automated Teller Machine cards to ₦1,500 (approximately $1) from ₦1,000 (approximately $0.67), marking a 50 percent rise.
The change was outlined in the exposure draft of the Guide to Charges by Banks and Other Financial Institutions (OFIs) in Nigeria 2026, which also removed the ₦50 monthly maintenance charge on naira-denominated debit and credit cards.
Okay News reports that the CBN stated customers using foreign currency-denominated debit and credit cards will continue to pay an annual maintenance fee of $10.
“ATM card Issuance/Replacement charges for regular/basic debit/credit card is ₦1,500,” the bank said.
“Charges for Premium Debit/Credit/Hybrid Card are negotiable Virtual cards at no charge.”
The CBN also clarified that cardholders will no longer bear charges for transactions at merchant locations, with the cost now transferred to merchants under the Merchant Service Charge (MSC) framework.
“All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder, i.e. the MSC shall be borne by the merchant,” the bank said.
The apex bank added that the MSC will remain at 0.5 percent, subject to a cap of ₦10,000 (approximately $6.67) per transaction, regardless of the payment method used.
In a circular signed by Dr Rita Sike, Director of the Financial Policy and Regulation Department, the CBN said the review is part of efforts to strengthen Nigeria’s financial system and expand access to digital financial services.
“This reviewed Guide provides for an increased range of financial services, encourages development of innovative products, strengthens responsibility for oversight and accountability and promotes financial inclusion through lower tariffs for micropayments/transactions,” the bank said.
“Furthermore, the Guide reviewed some charges for banking services to encourage increased adoption of electronic channels and accommodates new industry participants since the issuance of the 2020 Guide.”
