CBN Increases ATM Card Fee to ₦1,500, Triggers Fresh Concerns Among Bank Customers

Bank customers across Nigeria are reacting to a new directive from the Central Bank of Nigeria (CBN) increasing the cost of ATM card issuance and replacement by 50 percent.

Under the revised policy, the fee has risen from ₦1,000 to ₦1,500, meaning customers will now pay more to obtain a new debit or credit card or replace a lost, expired, or damaged one.

The development is already generating conversation online, with many Nigerians expressing concern over the growing number of banking charges at a time when economic pressures remain high.

While the CBN has not detailed all the factors behind the increase, analysts point to rising costs tied to card production, embedded chip technology, and distribution logistics within the banking system.

For everyday customers, however, the change is being felt immediately. Many see the adjustment as another addition to existing financial burdens, especially for those who depend on regular banking services for transactions and daily expenses.

The fee hike also highlights broader concerns about affordability and access to financial services, particularly for low- and middle-income earners.

Commercial banks are expected to implement the new charge in line with regulatory guidance, and customers are being advised to take note of the updated pricing when requesting ATM cards.

As discussions continue, the decision underscores ongoing shifts in Nigeria’s financial sector—where policy changes increasingly intersect with the realities faced by millions of account holders.