The Central Bank of Nigeria (CBN) has increased the cost of issuing and replacing ATM debit and credit cards by 50%, raising the fee from ₦1,000 to ₦1,500.
In a new guideline, the apex bank also abolished the ₦50 monthly maintenance charge on naira debit and credit cards, while maintaining an annual $10 fee for foreign currency cards.
The CBN noted that the review is aimed at strengthening the financial system, promoting digital transactions, and encouraging financial inclusion.
It also clarified that merchants not customers will bear charges on POS transactions.