The Central Bank of Nigeria (CBN) has increased the fee for the issuance and replacement of Automated Teller Machine (ATM) debit and credit cards by 50 per cent, raising it from N1,000 to N1,500.

The apex bank also scrapped the N50 monthly maintenance charge on naira-denominated debit and credit cards, a fee that previously included Value Added Tax. However, it stated that holders of foreign currency-denominated cards will continue to pay an annual maintenance fee of $10.

The changes were outlined in the CBN’s exposure draft of the Guide to Charges by Banks and Other Financial Institutions (OFIs) in Nigeria 2026.

According to the bank, “ATM card issuance/replacement charges for regular/basic debit/credit cards is N1,500, while charges for premium cards are negotiable. Virtual cards are to be issued at no cost.”

The CBN also clarified that cardholders will no longer bear charges for transactions at merchant Point of Sale (PoS) terminals, as the Merchant Service Charge (MSC) will be borne entirely by merchants.

“All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder,” the guideline stated, adding that the MSC remains at 0.5 per cent per transaction, subject to a maximum of N10,000.

In a circular signed by the Director of the Financial Policy and Regulation Department, Dr Rita Sike, the CBN said the review is aimed at promoting a safe and efficient financial system, enhancing financial inclusion, and encouraging the adoption of electronic payment channels.

The apex bank noted that the revised guide expands the range of financial services, supports innovation, and updates regulatory provisions to reflect developments in the banking sector since the 2020 framework.