The Central Bank of Nigeria (CBN) has approved a 50 per cent increase in ATM debit and credit card issuance and replacement fees, raising the cost from ₦1,000 to ₦1,500.

The apex bank also scrapped the ₦50 monthly maintenance charge on Naira debit and credit cards, though foreign currency cards will continue to attract $10 annual maintenance fees.

The changes were contained in the Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026, released on Thursday.

New charges for ATM cards

Under the new framework, regular ATM card issuance and replacement will now cost ₦1,500.

Premium and hybrid cards will attract negotiable charges, while virtual cards remain free of charge.

The CBN also maintained that all Point-of-Sale (PoS) merchant transaction fees will be borne by merchants and not customers.

“All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder,” the circular stated.

It added that Merchant Service Charge remains at 0.5 per cent, capped at ₦10,000, regardless of payment method.

CBN explains review

In a circular signed by the Director of Financial Policy and Regulation, Dr. Rita Sike, the apex bank said the review is aimed at strengthening Nigeria’s financial system.

It added that the updated guide will encourage digital payments, financial inclusion, and innovation in financial services.

According to the CBN, the revision also reflects changes in the banking sector since the 2020 guidelines and accommodates new financial service providers.

Push for electronic banking

The bank said the new charges are designed to support the adoption of electronic payment channels and reduce reliance on cash transactions.

It added that the framework will improve micropayments, expand financial access, and strengthen oversight in the banking system.