Nigerian bank customers have reacted to the kickoff of the new bank charges regime in line with the Central Bank of Nigeria’s directive.
The apex bank in a circular released last week and titled ‘Guide to Charges by Banks and Other Financial Institutions’ increased the fee for the issuance of automated teller machines to N1,500 from N1,000.
CBN also directed banks to scrap maintenance fees on Naira-dominated cards and other reviewed charges expected to take effect from May 1, 2026.
Uju Ogunbunka, President of the Bank Customers’ Association of Nigeria, said consumers would suffer more charges with regard to the upward review of the ATM issuance charge.
“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,” he told newsmen on Monday.
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