CBN Hikes ATM Card Issuance Fee 50% to ₦1,500

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The Central Bank of Nigeria has raised the fee for issuing new ATM cards by 50%, bringing it to ₦1,500.

This increase, which many banks have started applying, affects both new customers and anyone needing a replacement card. Previously around ₦1,000, the new rate has sparked complaints from Nigerians already dealing with higher withdrawal charges and other banking costs.

CBN hasn't issued an official statement yet explaining the hike, but banks say it's to cover rising production and operational expenses. Customers are advised to check with their specific bank for exact charges, as some include VAT while others don't.

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