The Central Bank of Nigeria has reviewed its banking charges, and one change that will hit customers directly is the cost of getting a new ATM card.
Under the new guideline, the fee for issuing or replacing a standard debit or credit card has been increased by 50% from ₦1,000 to ₦1,500.
But it’s not all bad news. The CBN has scrapped the ₦50 monthly maintenance charge that used to apply to naira cards, which also came with VAT.
So while you’ll pay more upfront for a card, you won’t be paying that small recurring fee anymore.
For those using foreign currency cards, the annual maintenance fee remains at $10.
Another notable change affects everyday transactions: if you use your card at a POS terminal, you won’t be charged. Instead, the merchant will cover the cost.
The Merchant Service Charge is set at 0.5%, with a cap of ₦10,000, regardless of the payment method used.
The bank says these adjustments are part of a broader effort to modernise the financial system encouraging more digital payments, supporting innovation, and making transactions easier and more accessible, especially for small payments.
In simple terms: higher card fees, fewer hidden charges, and more push toward a cashless economy.
