Bank customers across Nigeria are speaking out about fresh charges rolled out by the Central Bank following new guidelines released by the apex institution.
Last week, the CBN issued a circular on revised bank charges taking effect May 1, 2026. ATM card issuance fees will jump to N1,500 from the previous N1,000.
Banks have also been instructed to eliminate maintenance charges on naira-denominated cards. Other levies are undergoing review as well.
Uju Ogunbunka, who leads the Bank Customers' Association of Nigeria, expressed concern about the hike. He told reporters on Monday that customers would face increased costs overall.
"Consumers will suffer more charges, but if the intention is to scrap the maintenance charge, which happened to be lower, then it makes the policy not plausible," Ogunbunka noted.
Many account holders worry the ATM fee increase will strain household budgets. The policy shift has triggered heated debate among banking sector stakeholders.
