On 6 May 2026, the Central Bank of Nigeria announced a significant restructuring of card fees—scrapping maintenance charges but raising issuance fees nationwide. If you use a debit card, virtual card, or dollar card, this affects you directly. Here's what changed and what you need to know.
What the CBN Actually Changed
The old fee structure had two main components: a yearly or monthly maintenance fee (the cost of keeping your card active) and an issuance fee (the one-time charge when you first got the card). The CBN's new rule removes the maintenance fee entirely but increases what banks and fintech platforms charge when they issue a new card to you.
On the surface, this sounds like a win—no more annual or monthly drains on your account. But the maths are more nuanced. If you keep the same card for years, you save money. If you replace cards frequently (due to expiry, loss, or switching providers), the higher issuance fee stings more.
Why the CBN Did This
The maintenance fee was a recurring cost that hit low-balance and inactive accounts hardest. A freelancer with ₦50,000 in their account would lose ₦500–₦1,000 per month just to keep a card active—even if they rarely used it. The CBN's move is partly consumer-friendly: it removes a hidden tax on dormant accounts.
But it also signals the regulator's push to make card issuance a one-time, transparent event rather than an ongoing relationship tax. Banks and fintechs now have an incentive to issue cards carefully (since they bear the cost upfront) rather than issuing them liberally and recouping via maintenance fees.
What This Means for Dollar Card Users
If you use a virtual dollar card or a USD-enabled card from a fintech (like LCash), the fee structure still applies—but the impact depends on your provider. Some fintechs absorbed issuance costs into their pricing; others will pass them on. A few may have already factored this into their fee schedules.
The key question: does your provider charge you when you issue a new card, or when you replace one? If you've been paying ₦200–₦500 per month in maintenance fees, you're likely ahead even if issuance costs ₦1,500–₦2,000 upfront—as long as you keep the card for at least 4–6 months.
The Catch: Hidden Issuance Costs
Not all issuance fees are visible. Some banks and fintechs bundle card issuance into account opening or onboarding fees. Others charge per card replacement (if your card expires or you request a new one). The CBN's rule is about the fee itself, not how it's labeled or when it's charged.
Before you open a new dollar card account, ask your provider directly: "What is the card issuance fee, and when do I pay it?" Get a number in writing. Don't assume it's free just because you don't see a monthly charge.
What Doesn't Change
Transaction fees, FX spreads, ATM withdrawal charges, and international transfer fees are all separate from card issuance and maintenance. The CBN's move touches only the structural card fees, not the per-transaction costs. If your bank charges ₦100 per ATM withdrawal or your fintech takes 1% on FX conversions, those remain unchanged.
Also: this rule applies to Naira cards and USD cards issued by CBN-regulated entities in Nigeria. If you're using a card issued outside Nigeria (e.g., from a UK fintech), different rules may apply.
The Bottom Line
The CBN's fee restructuring is broadly positive for long-term card users—especially those who kept multiple cards or rarely used them. But it raises the upfront cost of getting a new card. If you're a remote worker or freelancer who cycles through cards frequently (due to expiry, fraud, or platform switching), you'll want to factor in that issuance fee.
The real win is transparency: card costs are now front-loaded and visible, rather than hidden in monthly deductions. That makes it easier to compare providers and plan your dollar account setup.