The Central Bank of Nigeria, in a draft of its 2026 Guide to Charges, states that it will increase the cost of issuing or replacing a standard debit or credit card by 50% to about $1 (₦1,500), up from around $0.71 (₦1,000).
The regulator will also remove the $0.03 (₦50) monthly maintenance fee on naira cards, a charge that has long raised concerns among customers. However, holders of foreign currency cards will continue to pay a $10 annual fee.
The proposed changes form part of the Central Bank’s broader effort to modernise Nigeria’s payment system, expand financial inclusion, and encourage a shift toward digital transactions. 
Move to Digital Payments
Under the proposed rules, small electronic transfers will become cheaper or free. Transfers below $3.50 (₦5,000) will remain free, while transfers between N5,000 and N50,000 ($35) will attract a $0.01 (₦10) charge. Transfers above N50,000 will cost $0.03 (₦50).
The Central Bank also tightens regulations on card payments. Customers will no longer pay charges when using cards at merchant locations, as businesses will now cover the costs through a merchant service charge capped at 0.5%, with a maximum of N10,000 per transaction.
This shift moves the cost burden away from consumers and aligns Nigeria more closely with global payment systems, where merchants rather than customers pay card processing fees.
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The Central Bank will also keep virtual debit cards free of charge, which may further encourage app-based banking and reduce dependence on physical cards.
ATM Withdrawal Fees and Other Charges
The draft introduces new ATM withdrawal fees. Customers may pay $0.06 (N100) for every $14.29 (₦20,000) withdrawn from on-site ATMs. Withdrawals from off-site ATMs may attract an additional surcharge of up to $0.36 (₦500), which banks must disclose before completing the transaction.
The Central Bank also proposes a $0.11 (N150) fee for processing e-dividend mandates, which allows investors to receive dividends directly into their bank accounts.
The new guidelines will apply to all financial institutions in Nigeria, including commercial banks, microfinance banks, payment service banks, mobile money operators, and other regulated entities.
The Central Bank says the review aims to “promote a safe and sound financial system,” support innovation, and reflect changes in the financial sector since the last update in 2020.
The draft is opened for public review, and stakeholders can submit feedback before final implementation.
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