CBN’s New Transfer Charges Explained: Why Sending Above ₦10,000 Could Now Cost You ₦60
- CBN introduces zero fees for transfers below ₦5,000 to promote cashless transactions
- New PoS withdrawal charges aim for predictability in transaction costs across Nigeria
- Higher-value transfers may incur additional costs due to recent stamp duty changes
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Central Bank of Nigeria (CBN) has introduced a major review of bank transfer charges aimed at making cashless payments cheaper for millions of Nigerians, especially those making small and frequent transactions.
Under a draft guide to charges for banks and other financial institutions dated April 21, 2026, transfers below ₦5,000 will attract no transaction fee, while interbank transfers between ₦5,000 and ₦50,000 will now cost a flat ₦10.
Source: Twitter
Transfers above ₦50,000 will remain capped at ₦50, marking one of the biggest pricing changes in Nigeria’s digital payments space in the last six years.
The move is designed to encourage wider use of electronic payments, particularly among small businesses and informal traders who still rely heavily on cash.
Why transfers above ₦10,000 may still cost more
Despite the reduction in transfer charges, Nigerians sending more than ₦10,000 will still pay at least ₦60 per transaction.
This is because of the reintroduced stamp duty, which replaced the Electronic Money Transfer Levy (EMTL) introduced in 2020.
Under EMTL, a flat ₦50 charge was imposed on transfers of ₦10,000 and above, but it was deducted from the receiver.
Under the 2026 rule, that same ₦50 levy is now charged to the sender.
This means a customer transferring ₦10,000 or more could pay the standard bank transfer fee plus the ₦50 levy, raising the total cost to at least ₦60.
While the CBN aims to lower transaction costs overall, many users may feel the impact more on higher-value transfers.
New PoS withdrawal charges introduced
The apex bank has also introduced a more structured pricing system for Point of Sale (PoS) withdrawals.
For “on-us” withdrawals, where customers use their own bank or fintech’s agent, the fee will be ₦100 per ₦20,000 withdrawn.
For “not-on-us” withdrawals, where customers use another provider’s agent, the same ₦100 fee applies, plus any additional charge set by the agent.
Source: Getty Images
This replaces the current largely informal pricing system, where some PoS agents charge as much as ₦100 for every ₦5,000 withdrawal.
What it means for Nigerians
For everyday users, small transfers are now cheaper and, in some cases, free. PoS withdrawal costs may also become more predictable.
However, transfers above ₦10,000 could feel more expensive due to the shift in stamp duty deductions.
With e-payments crossing ₦1 quadrillion in 2024 and PoS transactions continuing to rise, the CBN’s new policy signals a stronger push toward a more structured and affordable cashless economy in Nigeria.
CBN announces 4 new cash withdrawal, deposit rules
Legit.ng earlier reported that the CBN has revised its cash withdrawal and deposit rules, effective January 1, 2026.
In a circular signed by Rita Sike, Director of the Financial Policy & Regulation Department, the apex bank said the new rules are aimed at addressing the high cost of cash handling, addressing security risks, and curbing money laundering while encouraging wider use of electronic payment channels.
Under the new guidelines, banks and other financial institutions are expected to comply with the updated cash-related rules, which overhaul several existing policies.
Source: Legit.ng
