The Central Bank of Nigeria (CBN) has increased the cost of issuing and replacing ATM debit and credit cards by 50 per cent, raising the fee from ₦1,000 to ₦1,500 as part of a broader review of banking charges.

In a new exposure draft of the Guide to Charges by Banks and Other Financial Institutions (OFIs) 2026, the apex bank also announced the removal of the ₦50 monthly maintenance fee previously charged on naira-denominated debit and credit cards.

However, the CBN clarified that customers with foreign currency-denominated cards will continue to pay an annual maintenance fee of $10.

Under the revised framework, cardholders will no longer bear charges for transactions conducted at merchant locations. Instead, the Merchant Service Charge (MSC) will be fully borne by merchants, set at 0.5 per cent per transaction and capped at ₦10,000, regardless of the payment channel or technology used.

The new guidelines also provide that virtual cards will be issued at no cost, while fees for premium or hybrid cards will be determined by banks on a negotiable basis.

According to the CBN, the review is part of its mandate to strengthen Nigeria’s financial system, drive financial inclusion, and accelerate the adoption of digital payment channels.

In a circular signed by the Director of the Financial Policy and Regulation Department, Rita Sike, the bank said the updated guide reflects evolving industry realities and introduces measures to support innovation and expand access to financial services.

The regulator added that the revised charges are also designed to encourage the use of electronic payment platforms, promote transparency, and accommodate new players in the financial ecosystem since the last review in 2020.

With the changes, the CBN aims to strike a balance between cost recovery for financial institutions and improved customer experience, particularly in the growing digital payments space.