Business

CBN increases ATM card issuance fee by 50% to N1,500

CBN disclosed this in its Exposure draft of the Guide to Charges by Banks and Other Financial Institutions, OFIs, in Nigeria 2026.

Published

2 months ago

April 24, 2026

OCHEFA

172 Views

The Central Bank of Nigeria, CBN, has increased the fee for issuance and replacement of Automated Terminal Machine (ATM) debit/ credit cards by 50 percent to N1,500 from N1,000.

The apex bank also scrapped the N50 monthly charges for Naira Debit/ Credit Card maintenance which usually includes 7.5 percent Value Added Tax but said customers with Foreign Currency denominated debit/credit cards will continue to pay maintenance fee of $10 per annum.

CBN disclosed this in its Exposure draft of the Guide to Charges by Banks and Other Financial Institutions, OFIs, in Nigeria 2026.

The apex bank also reiterated among other things that the cost of ATM transactions on Merchants PoS will be borne by the Merchant and not the customers.

CBN said: “ATM card Issuance/Replacement charges for regular/basic debit/credit card is N1, 500. “Charges for Premium Debit/Credit/Hybrid Card are negotiable Virtual cards at no charge. “Merchant Service Charge (MSC) (charge to be borne by the merchant).

There shall be no charge to the cardholder paying the merchant.

“All card transactions done by cardholders at a merchant location shall be free of charge to the cardholder, i.e. the MSC shall be borne by the merchant.

The MSC payable by a merchant (0.5 percent) subject to a cap of N10,000 shall be the same irrespective of the technology or payment methods.”

In a circular to Banks, Other Financial Institutions and the Public signed by the Director Financial Policy and Regulation Department, CBN, Dr. Rita Sike, CBN said that the review of the guide to charges by banks and OFIs and non bank Financial Institutions was to fulfill its mandate to promote a safe and sound financial system in Nigeria accelerate the adoption of innovative financial services, financial inclusion and micropayments/transaction.

(Vanguard)

Related Topics:CBN ATM regulations Featured

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Naira Exchange Rates Friday, 3 July 2026

Published

2 days ago

July 3, 2026

OCHEFA

29 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Business

Issue: Cloning Nigerian Investment Promotion Commission (NIPC)

Published

3 days ago

July 2, 2026

OCHEFA

53 Views

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.

The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.

The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.

The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.

The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.

Current status

The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.

As the case is pending before the court, the allegations remain subject to judicial determination.