Serious reactions don follow after Central Bank of Nigeria (CBN) propose to increase ATM card issuance fee from N1,000 to N1,500 — a 50% jump wey many Nigerians and financial experts say go add more suffering to people already battling high cost of living.
For the new draft guideline wey CBN release on April 21, 2026, dem also propose to remove monthly maintenance charges on Naira debit and credit cards, while foreign currency cards go attract $10 yearly maintenance fee.
CBN ask banks, stakeholders, and Nigerians to send their feedback before May 8, but many people say the deadline too short and rushed.
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President of Bank Customers Association of Nigeria, Dr. Uju Ogunbunka, strongly criticize the timeline, saying Nigerians and banking operators need more time to study the 42-page document before any final decision. According to am, expecting people to react properly within that short time no make sense at all.
Professor of Accounting and Finance, Godwin Oyedokun, also warn say the increase fit put more pressure on ordinary Nigerians like students, pensioners, artisans, and small business owners.
According to am, N500 extra no be small money for many families because e fit cover transport, food, or daily needs. He talk say with transfer charges, SMS deductions, and other hidden bank fees already frustrating customers, another increase like this fit make people lose trust in the banking system.
He also warn say if ATM cards become too expensive, many people fit stop replacing damaged or expired cards and return to cash transactions, which go affect Nigeria’s financial inclusion and digital payment goals.
Although some people praise the removal of monthly card maintenance fees, many still believe banks must first improve services like ATM cash availability, failed transaction reversals, complaint handling, and transparency before adding new charges.
As debate continues, many Nigerians dey call on CBN to protect customers and make banking affordable instead of increasing financial pressure on struggling citizens.