CBN’s new rule means you’ll pay more for transfers above ₦10,000

April 27, 2026

CBN’s new rule means you’ll pay more for transfers above ₦10,000

The Central Bank of Nigeria’s proposed 2026 charges guide removes fees on transfers below ₦5,000 and cuts mid-tier inter-bank transfer fees between ₦5,000 and ₦50,000 to ₦10.

Transfers above ₦50,000 remain capped at ₦50, giving millions of customers a clearer and cheaper fee structure for everyday payments.

But the real story sits just above ₦10,000. Once a transfer crosses that mark, the sender now faces a ₦50 stamp duty in addition to the bank transfer charge. That means a ₦15,000 transfer may carry a ₦10 bank fee plus ₦50 stamp duty, bringing the total debit to ₦15,060.

For larger transfers above ₦50,000, the total sender cost can rise to ₦100 when the ₦50 bank fee and ₦50 stamp duty are combined.

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Small transfers get the biggest relief

The biggest winners are Nigerians who send small, frequent amounts. A customer sending ₦3,000 to a vendor, family member, driver, apprentice, or small trader would no longer pay a bank transfer fee under the draft guide.

That matters in a country where many people move money in small pieces rather than large blocks.

For informal businesses, this could be a practical nudge toward digital payments. Market sellers, food vendors, thrift sellers, transport operators, and neighborhood service providers often deal in low-value transactions.

When transfer charges feel too high, cash becomes attractive again. By making the smallest digital transfers free, the CBN is trying to remove one of the quiet frustrations that makes people hesitate before choosing bank apps or fintech wallets.

Mid-tier transfers become cheaper, but not always cheap

Transfers between ₦5,000 and ₦50,000 now look better on paper. Instead of paying the older ₦25 fee for that middle tier, customers would pay ₦10. That is a clear cut in the bank fee, and it could help people who regularly send money for groceries, fuel, bills, school items, online purchases, and small business supplies.

Yet the ₦10 figure can be misleading once the transfer reaches ₦10,000. The stamp duty changes the final cost. A ₦9,500 transfer attracts the ₦10 bank fee, but a ₦10,000 transfer adds the ₦50 stamp duty, taking the sender’s total fee to ₦60.

So the headline fee is lower, but the actual amount leaving the sender’s account can still feel heavier at the checkout point.

The stamp duty shift changes who feels the pain

Before 2026, the ₦50 Electronic Money Transfer Levy was usually deducted from the receiver on qualifying transfers. Under the new arrangement, the sender bears the cost. That may look like a small administrative change, but it changes the psychology of digital payments.

The receiver now gets the full transferred amount, which is cleaner for merchants and businesses. The sender, however, sees the full cost upfront.

For people who send money many times a day, that extra ₦50 can become noticeable. The policy protects the amount received, but it makes the person initiating the transfer more aware of the true cost of the transaction.

Channels Television reported that salary payments and intra-bank self-transfers are exempt from the stamp duty, based on notices sent by banks to customers.

PoS withdrawals finally get a clearer structure

The draft guide also brings more structure to PoS withdrawal charges. On-us withdrawals, where customers use their own bank or fintech’s agent, will cost ₦100 per ₦20,000.

Not-on-us withdrawals, where customers use another bank or fintech’s agent, will also attract ₦100 per ₦20,000, plus any extra agent-determined fee.

This could make PoS withdrawals more predictable, even if customers still have to watch for agent markups. In many communities, PoS agents have become the closest thing to a bank branch.

People use them to withdraw cash for transport, food, school runs, church offerings, market purchases, and emergencies. A clearer fee guide may reduce random pricing, especially in areas where agents currently charge as much as ₦100 for every ₦5,000 withdrawal.

Banks and fintechs may feel the revenue pressure

Lower transfer fees are good for users, but they could squeeze banks and fintechs that rely on electronic payment income. TechCabal reported that eight of Nigeria’s largest banks earned ₦514.82 billion from electronic payments in the first nine months of 2025.

If low-value and mid-tier transfers become cheaper, financial institutions may need to rethink revenue projections, product pricing, and customer acquisition strategies.

That pressure may be the price of wider adoption. Nigeria has spent years trying to reduce cash dependence and push more transactions into traceable digital channels.

Reuters reported that CBN’s broader cash policy changes effective January 1, 2026, also included tighter cash withdrawal limits and penalties above set thresholds, showing that the regulator is still pushing the country toward a less cash-heavy economy.

What this means for Nigerians

For ordinary users, the lesson is simple. Small transfers below ₦5,000 become cheaper because they are free. Transfers between ₦5,000 and ₦9,999 become cheaper because the bank fee drops to ₦10. Transfers from ₦10,000 upward need closer attention because the ₦50 stamp duty now sits on the sender’s side of the transaction.

The CBN’s new fee structure is not just about lower charges. It is about changing payment behavior. It rewards small digital transactions, gives PoS withdrawals a clearer framework, and makes senders carry the full visible cost of qualifying transfers.

For Nigerians who move money every day, the savings will be real at the lower end, but above ₦10,000, the new reality is clear: the transfer fee may be lower, but the final cost can still bite.

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