The Central Bank of Nigeria has proposed raising the fee for issuing and replacing ATM debit and credit cards from ₦1,000 to ₦1,500, a 50% increase.

The change is contained in the CBN’s 2026 Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions, released to review banking fees and boost electronic payments nationwide.

In the same draft, the apex bank scrapped the ₦50 monthly maintenance charge on naira-denominated debit and credit cards. However, annual maintenance on foreign currency cards remains at $10.

The CBN also reaffirmed that customers will not be charged for POS payments to merchants. Merchants will continue to bear the Merchant Service Charge, capped at 0.5% of transaction value or a maximum of ₦10,000, regardless of payment channel.

According to the CBN, the revised charges aim to promote financial system stability, deepen digital payment adoption, and expand access to financial services while encouraging innovation in the sector.

The bank stressed that the document is still an exposure draft and remains open to consultation before final approval.

The move comes as the CBN intensifies efforts to modernize Nigeria’s banking system and cut reliance on cash transaction