CBN increases ATM card issuance fee by 50% to N1,500.
The Central Bank of Nigeria has announced a 50 percent increase in the cost of issuing and replacing ATM debit and credit cards, raising the fee from N1,000 to N1,500. In a significant shift, the apex bank also removed the N50 monthly maintenance charge previously applied to Naira-denominated debit and credit cards, a fee that typically included Value Added Tax. This means customers using local currency cards will no longer incur routine maintenance deductions. However, the bank maintained that holders […]