BREAKING: CBN Cuts Bank Fees to Benefit Customers, Effective May 1, 2026

The Central Bank of Nigeria (CBN) has announced a new set of banking fee reductions and changes, effective from May 1, 2026, aimed at easing the cost of banking and promoting financial inclusion across the country.

The revised Guide to Charges by Banks and Other Financial Institutions introduces significant fee cuts, along with a few adjusted rates, which are expected to benefit millions of Nigerians.

The CBN has removed the ₦50 monthly charge for maintaining Naira debit and credit cards.

Customers will now pay ₦50 per quarter on savings accounts instead of monthly deductions.

Banks will now issue virtual cards at no cost, encouraging safer online transactions for customers.

The new capped charges for electronic transfers are ₦10 for amounts between ₦0 to ₦5,000, ₦25 for amounts between ₦5,001 and ₦50,000, and ₦50 for transfers above ₦50,000.

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However, the cost for new or replacement ATM cards has risen from ₦1,000 to ₦1,500.

A cybersecurity levy of 0.005% will now be charged on electronic transactions, meaning a ₦5 fee will apply for a ₦100,000 transfer.

The CBN also set a limit of ₦500,000 on weekly cash withdrawals, with a 3% fee applied to any amount exceeding this limit.

Additionally, the ₦50 stamp duty on transfers of ₦10,000 and above will now be paid by the sender instead of the recipient.

The CBN has stated that these changes are designed to promote financial inclusion, support micro-transactions, encourage digital payments, and improve the security of the financial system.

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These measures are expected to benefit low-income earners, small business owners, and Nigerians who rely on digital transactions.

The changes aim to ease the financial burden on Nigerians and encourage a more secure and inclusive banking environment.

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