The Central Bank of Nigeria (CBN) is facing heavy criticism from economists and bank consumers following a proposal to increase the cost of ATM card issuance by 50 percent.
The new draft suggests raising the fee from N1,000 to N1,500.
The proposal was contained in a 42-page "Guide to Charges by Banks and Other Financial Institutions" released on April 21, 2026.
While the draft includes the removal of maintenance fees on Naira debit cards, the sharp hike in issuance costs has overshadowed the perceived benefits.
Speaking to Daily Post, Dr. Uju Ogunbunka, President of the Bank Customers’ Association of Nigeria, criticized the May 8 deadline for public feedback as being too tight. “We disagree with the take-off date... It appears rather too sudden, too near,” Ogunbunka stated, adding that stakeholders have not been given enough time to study the document's impact on the average Nigerian.
#CBN #BankingNews #ATMCharges #NigeriaEconomy #Finance #BankCustomers #DailyPost #QubesMagazine
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