CBN’s N1,500 ATM Card Fee Sparks Outrage Among Nigerians

Economists and bank customers have raised concerns over the Central Bank of Nigeria’s (CBN) proposed increase in the Automated Teller Machine (ATM) card issuance fee from N1,000 to N1,500.

The proposed adjustment was outlined in a 42-page exposure draft titled Guide to Charges by Banks and Other Financial Institutions, released by the apex bank on April 21, 2026.

According to the draft document, the CBN is proposing several revisions to existing banking charges, including:

• A 50 percent increase in ATM card issuance fees
• Removal of maintenance charges on Naira debit and credit cards
• Introduction of a $10 annual maintenance fee for foreign currency-denominated cards

The apex bank has invited financial institutions, stakeholders, and the general public to review the document and submit feedback on or before May 8, 2026.

The proposed ATM card fee hike has generated mixed reactions across the country.

While some Nigerians argue that the increase will further strain bank customers already dealing with economic pressures, others have welcomed the planned removal of maintenance charges on Naira debit and credit cards as a positive step.

Reacting to the development, the President of the Bank Customers’ Association of Nigeria, Dr. Uju Ogunbunka, criticized the timeline given for public input.

In an interview,Ogunbunka described the deadline as rushed and unrealistic, noting that stakeholders need more time to properly review the extensive document.

“We disagree with the take-off date or proposed take-off date. It appears rather too sudden, too near,” he said.

He added that the short timeframe may hinder meaningful contributions from stakeholders, especially considering the current economic climate in the country.

If implemented, the new charges could increase the cost of accessing banking services for millions of Nigerians. However, the removal of maintenance fees on Naira cards may offer some relief.

With the feedback window still open, attention now turns to how the CBN will respond to public concerns before finalizing the policy.