CBN Updates Bank Fees: Higher Card Cost, No Monthly Maintenance

Fresh Changes to Banking Charges

THE Central Bank of Nigeria has announced a new fee regime that raises the cost of obtaining or replacing ATM cards while eliminating monthly maintenance charges on naira cards.

Under the new framework, customers will pay ₦1,500 for new debit or credit cards and for replacements involving lost, damaged or expired cards.

The previous fee stood at ₦1,000, making the latest increase a 50 per cent rise.

Relief Through Removal of Recurring Charges

Despite the higher card fee, the regulator has removed the monthly maintenance deductions that many customers previously paid on naira-denominated cards.

For some account holders, this could reduce long-term banking costs, especially those who rarely replace their cards.

The move is likely to be welcomed by customers who have long criticised repeated small deductions on bank accounts.

Part of Wider Reform Agenda

The revised charges are contained in the CBN’s updated 2026 guide for banks and other financial institutions.

The apex bank said the review is designed to improve consistency, enhance transparency and support wider adoption of electronic payment systems.

It also forms part of ongoing efforts to modernise Nigeria’s financial services environment.

Banks Expected to Implement Nationwide

Commercial banks and other regulated institutions are expected to implement the changes across the country.

Financial experts say the policy signals a regulatory attempt to make charges clearer while ensuring banks recover legitimate operating costs.

Customers are advised to monitor notices from their banks for effective dates and detailed implementation terms.