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Bank Customers To Pay More As Central Bank Of Nigeria Hikes ATM Issuance And Replacement Fees.
The Central Bank of Nigeria has announced a 50 per cent increase in the fee charged for the issuance and replacement of Automated Teller Machine (ATM) debit and credit cards, raising the cost from ₦1,000 to ₦1,500.....KINDLY READ THE FULL STORY HERE▶
The apex bank also abolished the ₦50 monthly maintenance charge previously applied to Naira debit and credit cards, which included a 7.5 per cent Value Added Tax (VAT). However, it stated that customers using foreign currency-denominated cards will continue to pay an annual maintenance fee of $10.
It further clarified that ATM transactions carried out on merchant Point of Sale (PoS) terminals will no longer attract charges for customers, as the cost will now be fully borne by merchants.
Naija News reports that these changes are contained in the Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026, issued by the apex bank.
According to the CBN, the revised charges stipulate that ATM card issuance or replacement for standard debit and credit cards will cost ₦1,500, while premium card fees remain negotiable. Virtual cards, however, will attract no charges.
The policy also reinforces that all card transactions at merchant locations will be free for customers, with merchants responsible for paying the Merchant Service Charge (MSC). The MSC remains set at 0.5 per cent, capped at ₦10,000, regardless of payment method or technology used.
In a circular addressed to banks, other financial institutions, and the public, signed by the Director of Financial Policy and Regulation Department, Dr. Rita Sike, the CBN explained that the review is aimed at strengthening Nigeria’s financial system, promoting innovation, and expanding financial inclusion.
The bank said the updated guide introduces a broader range of financial services, encourages innovative product development, enhances regulatory oversight, and supports micropayments through reduced transaction costs.
It added that the revised charges are also designed to boost the use of electronic payment channels and accommodate new entrants in the financial sector since the last update in 2020.
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Tinubu Government Increases Allowances, Welfare And Exit Package Of Nigerian Workers.
The administration of President Bola Tinubu has approved an upward review of peculiar allowances, welfare benefits, and exit packages for civil servants across Nigeria.....KINDLY READ THE FULL STORY HERE▶
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Oyedele Steps In As Finance Minister, Takes Over National Economy Portfolio.
Taiwo Oyedele has officially taken over as Nigeria’s Minister of Finance and Coordinating Minister of the Economy following a formal handover from his predecessor, Wale Edun.....KINDLY READ THE FULL STORY HERE▶
The transition, which reportedly took place on Thursday evening, was confirmed in a statement issued by the Ministry’s Head of Information and Public Relations, Efe Ovuakporie.
According to the statement, the handover was concluded within the timeframe set by President Bola Ahmed Tinubu.
In his inaugural address, Oyedele pledged to consolidate ongoing reforms while delivering measurable economic outcomes.
He said his administration would prioritise fiscal discipline, transparency, and improved performance across key sectors of the economy.
He also expressed his readiness to work closely with staff of the ministry to strengthen efficiency and service delivery.
Oyedele commended his predecessor, Wale Edun, for his role in advancing Nigeria’s economic reform agenda, and thanked President Tinubu for entrusting him with the responsibility.
The Permanent Secretary, Raymond Omachi, alongside the Permanent Secretary (Special Duties), Mohammed Danjuma, welcomed the new minister and assured him of the full support and cooperation of the ministry’s workforce.
During Edun’s tenure, the ministry implemented several fiscal reforms aimed at improving revenue generation and economic coordination. However, the period also faced challenges, including budget implementation constraints that affected ministries, departments, and agencies.
There were also concerns over outstanding payments owed to pensioners and contractors during the same period.
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Court Orders Arrest Of Abuja Lawyer, Police Officer Over N300m Eviction Dispute.
A High Court of the Federal Capital Territory (FCT), sitting in Maitama, has issued a bench warrant for the arrest of an Abuja-based lawyer, Victor Giwa, and a police officer, Edith Erhunmuuse, after they failed to appear in court.....KINDLY READ THE FULL STORY HERE▶
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