CBN Raises ATM Card Fees by 50% to ₦1,500

The Central Bank of Nigeria (CBN) has implemented a 50% increase in the fee for the issuance and replacement of Automated Teller Machine (ATM) debit and credit cards, raising the fee from ₦1,000 to ₦1,500. This decision is part of a broader review of charges applicable to banks and financial institutions in Nigeria.

Furthermore, the CBN has eliminated the monthly maintenance charge for naira debit cards, which was previously set at ₦50. The usual maintenance fee for foreign currency-denominated debit and credit cards will continue to be charged at 10% per annum.

This move is aimed at promoting a safe and sound financial system in Nigeria while encouraging the adoption of innovative financial services and enhancing financial inclusion. The CBN has also indicated that it will release a draft guideline on charges for banks and other financial institutions in 2026, emphasizing its commitment to regulating the financial sector effectively.