CBN Raises ATM Card Fees by 50% — Nigerians to Pay ₦1,500 for New and Replacement Cards

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The Central Bank of Nigeria (CBN) has announced a 50 percent increase in the cost of issuing and replacing ATM debit and credit cards, raising the fee from ₦1,000 to ₦1,500.

The adjustment, which affects customers across commercial banks in Nigeria, is part of ongoing efforts to review banking service charges in line with current economic realities.

Under the new pricing, bank customers requesting a new ATM card or replacing a lost, damaged, or expired one will now pay ₦1,500, marking a significant jump that is already drawing reactions from the public.

Industry observers say the increase may be linked to rising production and operational costs, including expenses associated with card manufacturing, chip technology, and distribution.

However, the development has sparked concern among many Nigerians, especially amid broader economic pressures and increasing costs of living. Some customers have taken to social media to question the timing of the hike and its potential impact on low-income earners who rely heavily on banking services.

Financial analysts note that while the increment may appear modest, it adds to a growing list of banking charges that customers must contend with, including transaction fees and account maintenance costs.

As of now, commercial banks are expected to comply with the new directive, and customers are advised to take note of the revised charges when requesting card services.

The move highlights ongoing adjustments within Nigeria’s financial sector as regulators and institutions respond to changing economic conditions.