The Central Bank of Nigeria has increased the fee for issuing and replacing ATM debit and credit cards to N1,500, up from N1,000, while abolishing monthly maintenance charges on naira-denominated cards.
The new policy, contained in the 2026 Guide to Charges by Banks and Other Financial Institutions, is part of broader efforts to strengthen the financial system, promote innovation, and deepen financial inclusion across the country.
Under the revised framework, customers will no longer pay the N50 monthly maintenance fee previously charged on naira cards. However, holders of foreign currency-denominated cards will continue to pay an annual maintenance fee of $10.
The apex bank also introduced relief measures for electronic transactions, stating that cardholders will not be charged for payments made through Point of Sale (PoS) terminals. Instead, the Merchant Service Charge will now be borne by merchants, capped at 0.5 per cent per transaction, with a maximum limit of N10,000.
Additionally, virtual debit cards will be issued at no cost, while fees for premium or hybrid cards will remain subject to negotiation between banks and customers.
According to the CBN, the revised charges are designed to encourage wider adoption of electronic payment channels, support micropayments, and create an enabling environment for new financial service providers.
The bank noted that the update reflects ongoing reforms aimed at improving oversight, expanding access to financial services, and aligning banking practices with current economic realities.
In a related development, the CBN disclosed plans to collaborate with the Raw Materials Research and Development Council to boost local processing of raw materials before export. The initiative targets achieving at least 30 per cent domestic processing, with a focus on improving data systems, policy coordination, and stakeholder engagement.
Officials say the collaboration is expected to enhance investment in Nigeria’s raw materials sector and support long-term economic growth.
