CBN Unveils New Bank Charges.The Central Bank of Nigeria has revealed new bank charges aimed at strengthening the cashless policy, reducing economic burden on Nigerians as the country moves towards an improved digital banking system and fiscal reforms.
Kano —
The Central Bank of Nigeria (CBN) has unveiled new bank transfer charges aimed at making cashless payments seamless for millions of Nigerians.
The draft document dated April 21, 2026, will serve as a guide on charges for banks and other financial institutions. It is expected to reduce charges particularly for those making small and frequent transactions.
According to the draft document, transfers below ₦5,000 will attract no transaction fee, while interbank transfers between ₦5,000 and ₦50,000 will now cost a flat ₦10 while 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 initiative is introduced to promote and encourage wider adoption of electronic payments, especially among small businesses and informal traders who still rely heavily on cash.
CBN Unveils New Bank Charges
However,transfers above ₦10,000 may still cost more. Nigerians sending more than 10,000 will still pay at least 60 per transaction due to the newly introduced stamp duty replacing the Electronic Money Transfer Levy (EMTL) introduced in 2020.
Under the EMTL, a flat ₦50 charge was introduced 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 implies that a customer transferring ₦10,000 or more would pay for both the standard bank transfer fee and the ₦50 levy, raising the total cost to at least ₦60.
This portrays that many users may feel the impact more on higher transfers which may undermine the CBN’s aims to lower transaction costs.
CBN Unveils New Bank Charges
New POS Charges Introduced
A new structured PoS withdrawal charges have also been introduced by the apex bank.For “on-us” withdrawals, customers who use their own bank or fintech’s agent will pay ₦100 per ₦20,000 withdrawal whereas customers who use another provider’s agent will pay the same ₦100 fee, plus any additional charge set by the agent.
This helps regulate the current largely informal pricing system, where some PoS agents charge as much as ₦100 for every ₦5,000 withdrawal.
For common Nigerians, small transfers are now cheaper and, in some cases, free. PoS withdrawal costs may also become more predictable.
However, transfers above ₦10,000 could be more expensive due to the shift in stamp duty deductions.
CBN Unveils New Bank Charges
With e-payments crossing ₦1 quadrillion in 2024 and PoS transactions rise,the CBN’s new policy signals a stronger push toward a more structured and affordable cashless economy in Nigeria.
NRS Chairman Lauds Tinubu’s Economic Reforms
The chairman of the Nigerian Revenue Service (NRS), Zacch Adedeji, has applauded the numerous reforms undertaken by President Bola Tinubu since the start of his tenure, saying it has yielded “a comprehensive reset of the nation’s economic and fiscal infrastructure.”
Mr Adedeji made the commendation during the commissioning of the agency’s new three-tower headquarters in Abuja on April 14, noting that Nigeria has reportedly recorded domestic revenue performance on account of the disciplinary approach that the reforms adopted.
“Your Excellency restored macroeconomic credibility—unifying foreign exchange markets, clearing longstanding backlogs, and re-establishing confidence in Nigeria’s ability to operate a transparent and market-driven system,” he said.
CBN Unveils New Bank Charges
“These were not easy decisions, but they were necessary ones, and history will recognise them as such.” he added
The NRS, previously known as the Federal Inland Revenue Service under the leadership of Mr Adedeji, who was appointed by President Tinubu about four months into his presidency, is one of the agencies at the cornerstone of this administration’s fierce drive to grow revenue at scale and align fiscal policies with monetary policies.
In 2024, the agency’s revenue touched an all-time peak of N21.6 trillion, and took performance further last year, reporting N28.2 trillion.
For 2026, the agency is setting sights on N40.7 trillion on the optimism that Nigeria’s adoption of a new tax regime this year will sharply boost collection.
CBN Unveils New Bank Charges
The overhaul of the country’s tax system, has been noted as the most extensive of its kind since Nigeria’s colonial days.
It streamlined more than 60 tax laws, into a simplified and harmonised framework to ease compliance, improve efficiency in administration and boost predictability.
Mr Adedeji highlighted how transformative leadership has helped Nigeria achieve a quick turnaround of an economy dwindled by a constrained fiscal space, low investor confidence and structural distortions before the current administration took office.
Tax reform is not always elegant at inception; it is technical, contested, and requires sustained alignment across institutions. It demands discipline, patience, and resilience,” Mr Adedeji said
CBN Unveils New Bank Charges
“Yet, through persistence and clarity of direction, what once appeared difficult has produced something coherent, structured, and of lasting national value” he added
Atiku Faults Tinubu’s Economic Reforms
Former Vice President Atiku Abubakar,has recently, faulted President Bola Tinubu’s economic reforms and accused him of distorting Nigeria’s reform and plunging citizens into hunger.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, the chieftain of the African Democratic Congress argued that the impact of Tinubu’s policies is evident in Nigerians’ daily struggles.
“Across the country, families are skipping meals, businesses are shutting their doors, and hardworking citizens are watching their incomes evaporate under the weight of relentless inflation and a collapsing purchasing power” Atiku said
CBN Unveils New Bank Charges
” The cost of living has become unbearable, insecurity continues to stalk communities, and hope is steadily giving way to despair. What has been marketed as reform has translated into hardship without relief—policies that bite harder each day while offering no clear path to recovery” he added
“This is the true state of the nation, and no amount of rhetoric can mask the pain etched into the lives of ordinary Nigerians” he clarified
