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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.

 The Central Bank of Nigeria (CBN) has reduced its benchmark Monetary Policy Rate (MPR)—commonly referred to as the interest rate—from 27% to 26.5%, marking a 50 basis point cut. This decision was announced by CBN Governor Olayemi Cardoso at the conclusion of the 304th Monetary Policy Committee (MPC) meeting held in Abuja on February 23-24, 2026. This represents the first rate cut of 2026 and the lowest level since May 2024, signaling a cautious shift from the aggressive tightening cycle that has been in place for nearly two years. The move follows sustained disinflation, with headline inflation easing to 15.1% in January 2026 (its tenth consecutive monthly decline), improved exchange rate stability, enhanced food supply, and stronger external reserves (reportedly hitting around $50.4 billion in recent updates). Key Details from the MPC Decision Monetary Policy Rate (MPR): Reduced by 50 basis points to 26.5%. Other parameters retained: Cash Reserve Ratio (CRR) at 45% for commercial...