Nigerian Bank Announces New Charges on Foreign Currency Transfers from July
- Ecobank has introduced a 0.3% charge, plus 7.5% VAT, on foreign currency transfers within the bank
- Transfers to a customer's own Ecobank account are exempt from the new charges
- The bank advised customers to consider the revised fees when making foreign currency transfers
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.
Customers sending foreign currency across Ecobank's network in Nigeria will now face new charges as the lender has revamped its pricing for the service, with the new fees taking effect on July 1, 2026.
In a communication to its customers, Ecobank noted that while customers would now pay a fee of 0.3% on the value of foreign currency transfer within Ecobank, Value Added Tax (VAT) of 7.5% will also be levied on the fee.
Source: UGC
The bank, however, explained that transfers to a customer’s own Ecobank accounts will not be subject to these charges.
The customer advisory stated:
“Dear valued customer, Please be informed that effective 1 July 2026, Foreign Currency transfers within Ecobank will attract a charge of 0.3% of the transfer amount, plus 7.5% VAT on the applicable charge.
“Please note that transfers to your own Ecobank account are excluded from these charges.
“We encourage you to take note of this update when initiating Foreign Currency transfers within Ecobank.”
What to know about Foreign currency transfers
Foreign currency transfers enable customers to move money in various currencies besides the naira.
These transactions are often used for international trade, school fees, medical expenses, investments and personal remittances.
GTbank message to its customers on Foreign currency transfer reads:
"Foreign Currency Transfers involve sending and receiving money in currencies other than the local currency.
"When receiving funds from abroad into your domiciliary account, ensure that you provide accurate and detailed information on the transfer instruction to ensure a smooth and satisfactory transfer experience.
"We support multiple currencies, including United States Dollars (USD), Great Britain Pounds (GBP)"
Source: Getty Images
CBN tightens FX rules, imposes N100m fine on banks
In a related development, the Central Bank of Nigeria (CBN) has overhauled its foreign exchange regulatory framework, introducing stricter compliance measures, including a N100 million penalty for banks that process foreign exchange (FX) transactions without the required documentation.
The revised provisions are contained in the Fourth Edition of the Foreign Exchange Manual, the first comprehensive update to the guidelines in almost 10 years.
According to the CBN, the changes are intended to enhance transparency, strengthen market discipline and improve confidence in Nigeria's foreign exchange market, Punch reports.
Under the new framework, authorised dealer banks that complete FX transactions without adequate documentation will face a N100 million sanction, alongside an additional N10 million penalty for each non-compliant transaction.
Banks release new dollar exchange rates
Earlier, Legit.ng reported that the naira at the foreign exchange (FX) markets recorded a slight gain in commercial banks and the parallel market, but fell in the official market against major currencies.
Checks on GTBank’s FX counter saw the naira gain N16 against the US dollar to close at N1,347/$1, compared with N1,363/$1 the previous day.
In the parallel market, the Naira strengthened by N20 to N1,370/$1 from Tuesday’s N1,390/$1.
Source: Legit.ng
