Nigerians To Pay Less As CSCS Removes Transfer Charges
- CSCS proposed cutting the retail lien fee by half and scrapping charges on securities transfers between close family members
- The review also targets stockbroker fees, with CSCS planning to remove broker code creation and eligibility charges on major exchanges
- The proposed changes come less than seven months after CSCS rolled out a revised fee structure that took effect on January 1, 2026
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Securities Clearing System (CSCS) is proposing to cut costs for retail investors and stockbrokers in Nigeria's capital market, with plans to halve a key fee on securities used as collateral and waive charges on transfers between close family members.
Under the proposed changes, the lien fee for retail clients handling transactions below N100 million would drop from 0.25% to 0.125%, a reduction of 50%.
Source: Getty Images
A lien is an arrangement where a creditor holds an interest in an investor's securities as security for an obligation, meaning the fee applies when securities are placed under such arrangements rather than during ordinary share transactions.
CSCS is also proposing to remove the existing 0.3% charge on nominal transfers of qualifying securities between immediate family members.
The relationships that qualify under the proposal include spouses, parents, children, siblings and stepchildren. If the changes take effect, investors moving eligible securities within those family relationships would no longer pay that charge, Punch reprts
Fee Changes for Stockbrokers
Beyond retail investors, the proposed review also targets costs borne by stockbrokers. CSCS plans to drop the N145,600 fee, excluding VAT, for broker code creation and renewal.
It also proposes scrapping the N36,400 eligibility fee payable by stockbroking firms across the Nigerian Exchange (NGX), the NASD and the Lagos Commodities and Futures Exchange (LCFE).
Removing these charges could lower the administrative and operational expenses that come with participating in Nigeria's capital market infrastructure.
The proposals arrive less than seven months after CSCS introduced an overhauled fee structure that came into force on January 1, 2026. That earlier review drew attention from market participants because it raised charges on some services.
At the time, CSCS said its core fees had not changed and that the adjustments largely affected services that had previously been underpriced or offered at no cost.
Source: Getty Images
What the Proposed Review Does Not Change
The latest proposal is a targeted adjustment rather than a full reversal of the 2026 pricing framework. CSCS's current fee schedule still includes charges for transactions, custody, accounts, online subscriptions and other services.
A 0.3% CSCS fee on sales executed on the NGX also remains in place.
CSCS said the proposed reductions are designed to ease friction for retail investors, lower running costs for market intermediaries, and support broader participation, efficiency and liquidity in Nigeria's capital market.
Banking stocks drag NGX down
Earlier, Legit.ng reported that the Nigerian stock market closed negatively for the second consecutive session.
Data showed that the market downturn was driven by profit-taking in banking, consumer goods, industrial, and oil & gas stocks, despite mild gains recorded in the insurance sector.
The market’s year-to-date return has dropped to 35.56% while the week’s return after 4 days of trading is in the red zone at –0.32%.
Source: Legit.ng
