The Central Bank of Nigeria has raised the fee for issuing and replacing regular debit and credit cards by 50 per cent to N1,500 from N1,000, while scrapping the N50 monthly maintenance charge on naira cards. The revised charges take effect on May 1, 2026.
The new guide also says customers using foreign currency-denominated debit and credit cards will still pay $10 per annum in maintenance fees. Premium debit, credit and hybrid card charges will be negotiable, while virtual cards will attract no charge.
The change matters because it resets what Nigerian cardholders pay just as the regulator pushes more everyday transactions onto electronic channels. In the Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026, issued on April 21, 2026, the central bank said the review is meant to promote a safe and sound financial system, accelerate financial inclusion and support micropayments and innovative financial services.
The guide goes beyond ATM cards. It says merchant service charge will be borne by the merchant, not the cardholder, and that all card transactions done by cardholders at a merchant location shall be free to the customer. The merchant fee is set at 0.5 per cent, subject to a cap of N10,000.
The bank also said the review updates charges for banking services to encourage greater use of electronic channels and to accommodate new industry participants since the 2020 guide. The circular was signed by Dr. Rita Sike.
For customers, the immediate result is simple: replacement and issuance of basic cards will cost more, but routine maintenance on naira cards will no longer carry the old monthly charge. For merchants, the bigger shift is that card payments at the point of sale now come with a defined fee structure that falls on the business rather than the shopper. The central bank has answered the question the headline raises: the fee increase is real, but it comes with a wider rewrite of card and payment charges that lowers some costs even as it lifts others.
