The Central Bank of Nigeria (CBN) has announced changes to bank charges that will directly affect millions of debit and credit card users across the country.
From May 1, 2026, the fee for issuing or replacing a standard ATM card will increase from ₦1,000 to ₦1,500.
At the same time, the ₦50 monthly maintenance fee previously charged on naira debit and credit cards has been completely abolished.
However, holders of foreign currency cards will still be required to pay a $10 annual fee.
What This Means for Bank Customers
This adjustment is contained in the revised “Guide to Charges by Banks and Other Financial Institutions” released by the CBN.
The increase in issuance/replacement fee is relatively modest, but the removal of the monthly maintenance charge is good news for many Nigerians who previously paid ₦600 yearly just to keep their cards active.
For the average user, this change should result in some savings over time, especially for those who rarely replace their cards.
On the other hand, anyone who loses or damages their card will now pay ₦500 more for a replacement.
The CBN explained that the revisions are aimed at making charges more transparent, fair, and aligned with current economic realities while reducing the burden of recurring fees on customers.
Why the Changes Were Made
The apex bank appears to be balancing two goals: allowing banks to recover reasonable costs for card production and issuance while protecting customers from excessive or unnecessary recurring charges.
Removing the monthly maintenance fee is likely intended to ease the financial pressure on low-income and regular users who keep their cards for long periods.
Foreign currency cardholders were not exempted from their annual fee, probably because these cards involve higher operational costs and international transaction risks.
Customers are advised to check with their banks for exact implementation details, as some institutions may take a short period to update their systems.
Overall, this policy represents a mixed bag: a slight increase for new or replacement cards but welcome relief from the monthly maintenance charge that many Nigerians found burdensome.
As the May 1 deadline approaches, bank customers should be aware of these changes and plan accordingly when next they need to issue or replace their ATM cards.