The development follows the apex bank’s release on April 21, 2026, of a 42-page exposure draft titled Guide to Charges by Banks and Other Financial Institutions.

According to the draft, the proposed changes include a 50 percent increase in ATM card issuance fees, the removal of maintenance charges on naira debit and credit cards, and a $10 annual fee for maintaining foreign currency-denominated cards.

The CBN also outlined other revised bank charges and invited input from stakeholders and the public, with a deadline of May 8, 2026.

The proposal has generated mixed reactions, with many Nigerians criticising the planned increase in ATM card fees, while some stakeholders welcomed the removal of maintenance charges on naira cards.

Speaking in an interview, President of the Bank Customers’ Association of Nigeria and financial analyst, Dr. Uju Ogunbunka, faulted the short timeline given for feedback, describing it as unrealistic and rushed.

He said the deadline does not provide enough time for meaningful review by stakeholders, noting that the period for consultation is too limited given the current economic environment.

Ogunbunka added that more time should have been allowed for proper evaluation, especially for industry operators who need to study the document thoroughly.

He stressed that the tight schedule could hinder effective participation in the consultation process.

Also reacting, Professor of Accounting and Finance at Lead City University, Godwin Oyedokun, warned that the proposed fee hike could increase financial pressure on Nigerians and affect financial inclusion efforts.

He noted that while regulators may justify the adjustment due to rising operational costs such as technology, security, and infrastructure, the impact on consumers remains significant.

According to him, banking customers already face multiple charges, and additional fees may worsen the financial burden on households, particularly low-income earners, students, and small business operators.

Oyedokun cautioned that higher costs could discourage some Nigerians from using formal banking channels, potentially undermining the country’s financial inclusion goals.

He, however, acknowledged that removing certain recurring charges could benefit customers in the long run if properly implemented.

The professor emphasised that beyond fee adjustments, banks must improve service delivery, transparency, and complaint resolution to justify any changes.

He also called for stronger consumer protection measures, warning that regulatory reforms should not focus solely on increasing charges.

Oyedokun concluded that banking services must remain accessible and affordable, stressing that trust and efficiency are key to sustaining financial inclusion in Nigeria.

It also announced a ban on graduation ceremonies for certain class levels in all schools.

According to the Commissioner for Primary and Secondary Education, Prof. BTO Ikegwuoha, the policy is aimed at reducing the financial strain on parents and guardians amid prevailing economic challenges.

In a statement released to journalists, the Commissioner said the ministry has issued a strict directive to both public and private school operators to comply with the new regulations or face sanctions, including possible withdrawal of operating licences.

Under the new guidelines, graduation ceremonies are no longer permitted for Kindergarten, Nursery, and Junior Secondary School 3 (JSS3) students.

Only pupils in Primary 6 and students in Senior Secondary School 3 (SSS3) are allowed to hold graduation ceremonies, and even then, schools are prohibited from collecting levies for such events.

The ministry also barred students in Primary 1–5, JSS1–3, and SSS1–2 from being compelled to contribute money for farewell or graduation activities organised for other classes.

While Primary 6 and SSS3 students may organise personal or family-based celebrations, schools are not allowed to coordinate, supervise, or collect funds for such events.

Ikegwuoha further stated that the restriction on frequent textbook changes will remain in place until 2030, adding that schools must not force parents to purchase new editions annually for profit.

He explained that approved textbooks will remain in use for at least four years, with a new list of state-approved textbooks to be introduced in August 2026 and valid until August 2030.

The Commissioner warned that any school found violating the directive risks licence withdrawal and removal from the state’s approved school register.