CBN Fees Database — Complete Nigerian Bank Charges 2026

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🔄 Updated Monthly  —  Last Updated: June 2, 2026 📋 CBN Circular: April 21, 2026 (Exposure Draft) 📋 CBN Circular: February 10, 2025 (ATM Fees) 📋 FIRS NTA 2025 (Stamp Duty effective Jan 1, 2026)

✍ Samson Ese, Founder & Editor-in-Chief  |  📅 June 2, 2026  |  🏠 Daily Reality NG

CBN Fees Database — Every Nigerian Bank Charge, Verified and Referenced

Transfer charges • ATM fees • Card fees • POS charges • SMS alert rules • EMTL / Stamp Duty • Account maintenance • Cash withdrawal limits • Loan disclosure rules — all sourced directly from CBN circulars with references. Nigeria’s only independent public fee database structured as a mini reference system.

You are reading Daily Reality NG — Nigeria’s independent digital publication from Warri, Delta State. This database exists because most Nigerians cannot easily access or interpret CBN circulars, yet those circulars govern every naira deducted from their accounts. This page was built by reading the primary CBN documents, cross-referencing them against verified journalism from BusinessDay, TheCable, Legit.ng, and Daily Trust, and presenting the information in a structured format that any Nigerian can use to verify whether their bank is charging them correctly. It is updated whenever the CBN issues new guidelines. No fee listed here is an estimate. Every figure has a CBN circular reference.

🌟 Where This Page Begins

Chiamaka runs a provision store in Onitsha’s Bridgehead Market. On April 28, 2026, she checked her GTBank account and found ₦1,050 missing across three small transactions she couldn’t explain: ₦50 labelled “SMS Alert,” ₦50 described as “Card Maintenance,” and another ₦50 shown as “Monthly Charge.” She called her bank. She was told they were “standard charges.” She accepted this explanation because she had no reference.

Two of those three charges were illegal. The card maintenance fee was eliminated by CBN on May 1, 2026. The SMS alert charge exceeded the cost-recovery basis the CBN permits. The only reason Chiamaka’s bank could tell her “standard charges” and be believed is that there was no single, clear, public document she could cite against them. That is exactly what this database was built to fix.

If you are reading this page and you have Chiamaka’s situation — charges on your statement you cannot explain — every fee below either confirms what your bank is legally allowed to charge you, or gives you the specific CBN circular that proves they are not. Use it.

📍 Find Your Situation — What You Need Right Now

Your Situation	What You Are Experiencing	Which Section to Read First	The Key Fact That Applies to You
“My bank deducted something and I don’t know what it is”	Unexplained deductions on your bank statement or app transaction history	Section M: Master Fee Table then Section O: Illegal Charges	Every legal charge has a name and CBN circular. If it is not in this database, your bank may not be authorised to charge it.
“I was charged a maintenance fee on my card”	Monthly deduction labelled “card maintenance” or similar	Section D: Card Fees then Section P: How to Dispute	Naira card maintenance was SCRAPPED effective May 1, 2026. This charge is now illegal. You can demand a reversal.
“I’m trying to understand what my transfer actually costs”	Multiple deductions per transfer and confused about which is which	Section A: Transfer Fees then Section B: Stamp Duty	A ₦50,000 transfer costs: ₦50 (transfer fee) + ₦3.75 VAT + ₦50 Stamp Duty = ₦103.75 total. The ₦50 Stamp Duty goes to FIRS, not your bank.
“A POS agent charged me to use my card”	Merchant or agent demanded extra payment for card use at their terminal	Section E: POS Charges	Customer POS payments are LEGALLY FREE. The merchant pays the Merchant Service Charge. Surcharging customers is prohibited by CBN.
“I want to know what the ATM charges me at a different bank’s ATM”	Used another bank’s ATM, or ATM at a mall / petrol station, and was charged	Section C: ATM Fees	On-site not-on-us ATM: ₦100 per ₦20,000. Off-site ATM (malls, filling stations): ₦100 + up to ₦500 surcharge. The off-site surcharge MUST be shown to you before you complete the transaction.
“I want to build my savings but don’t know what interest my bank owes me”	Savings account earning no visible interest or unclear interest rate	Section R: Savings & Deposit Interest Rates	CBN mandates minimum 30% of MPR on savings deposits. With MPR at 26.5% (Feb 2026), minimum savings rate is ~7.95%. Most banks pay 1–8.3%.
“I run a business and need to understand all the charges I pay daily”	SME or business owner processing multiple daily transactions across bank and fintech channels	Section S: Business & SME Charges + Section M: Master Table	Bulk payments: max ₦15 per beneficiary. Payroll: ₦50 Stamp Duty per employee transfer above ₦10,000. APR disclosure now mandatory on all business loans.
This database covers every CBN-regulated charge. If your situation is not in this table, use the search function (Ctrl+F / Cmd+F) to find any specific charge term on this page.

How to Use This Database

Find the fee type you want to verify in the Table of Contents. Each section includes: the CBN-approved amount, effective date, the specific CBN circular or document it comes from, VAT treatment, and whether the charge is new, unchanged, removed, or government-mandated. If you see a charge on your bank statement that is not listed here or exceeds the amounts shown, your bank may be overcharging you. Use the escalation contacts at the bottom of this page.

🔄 What Changed in 2025–2026 — Major CBN Fee Revisions at a Glance

💰

Card Issuance ₦1,000 → ₦1,500

Standard naira debit/credit card issuance and replacement increased 50%. Effective May 1, 2026. Premium cards remain negotiable. Virtual cards remain free.

✅

Card Monthly Maintenance SCRAPPED

The ₦50/month maintenance fee on naira cards (including VAT) has been completely eliminated effective May 1, 2026. This saves ₦600+ per year per card.

💹

ATM Not-on-Us ₦35 → ₦100+

Off-bank ATM withdrawal fee increased from ₦35 to ₦100 (on-site) effective March 1, 2025. Off-site ATMs may charge additional ₦500 surcharge with prior disclosure.

📋

EMTL Renamed Stamp Duty — Sender Now Pays

Effective January 1, 2026, EMTL is now Stamp Duty. Critical change: SENDER now pays ₦50 (previously deducted from RECIPIENT). Same ₦10,000 threshold applies.

🚫

Deposit Charges ELIMINATED

All limits on cash deposits have been removed. No fees on any cash deposit amount. Banks can no longer charge for depositing cash regardless of amount.

🔴

CAMF Phase-Out Starts 2026

Current Account Maintenance Fee capped at ₦0.50 per ₦1,000 in 2026, down from previous levels. Will reduce to ZERO by 2027. Only on current accounts.

✅

Account Reactivation Now Free

Dormant account reactivation is explicitly free under the 2026 guide. Banks that charge for this are in breach of CBN guidelines.

📜

APR Disclosure Mandatory

All loan products must now disclose the Annual Percentage Rate (APR) including all fees. Hidden loan charges are no longer permissible under the 2026 framework.

📋 Database Sections — Find Any Fee Instantly

1. What Changed in 2025–2026 — At a Glance
2. Section A: Electronic Transfer Fees (NIP)
3. Section B: Stamp Duty / EMTL — Complete Breakdown
4. Section C: ATM Withdrawal Fees
5. Section D: Card Issuance, Maintenance & Replacement Fees
6. Section E: POS & Merchant Service Charges
7. Section F: Account Maintenance Fees (CAMF)
8. Section G: Transaction Alert Fees (SMS & Email)
9. Section H: Cash Withdrawal & Deposit Limits
10. Section I: Bank Statement & Account Service Fees
11. Section J: Loan Charges, Interest, and APR Disclosure Rules
12. Section K: International & Foreign Currency Transaction Fees
13. Section R: Savings & Deposit Interest Rates — What Banks Must Pay You
14. Section S: Business & SME-Specific Charges
15. Section T: Fintech vs Commercial Bank — Side-by-Side Fee Comparison
16. Section U: Real Transaction Cost Calculator — What You Actually Pay
17. Section L: Miscellaneous Charges (Tokens, Cheques, SWIFT)
18. Section M: Complete Master Fee Table — All Fees in One View
19. Section N: CBN Circular Reference Registry
20. Section O: Charges Banks CANNOT Legally Impose
21. Section P: How to Dispute an Illegal Bank Charge
22. Section Q: USSD Transfer Codes by Bank
23. FAQ — 15 Questions Answered

💳 Section A: Electronic Transfer Fees (NIP / Inter-Bank)

Source: CBN Exposure Draft Guide to Charges, April 21, 2026 (effective May 1, 2026) | Signed: Dr. Rita Sike, Director, Financial Policy & Regulation

Electronic transfer fees govern what your bank charges for sending money to another account via mobile app, internet banking, USSD, or branch. These fees have been unchanged in the 2026 guide — the transfer fee structure from 2020 remains in effect. What has changed is the Stamp Duty (see Section B), which now also applies at the sender’s end for transfers of ₦10,000+.

Transfer Amount	Bank Transfer Fee	VAT on Fee	Stamp Duty (if ≥₦10,000)	Total Cost to Sender	Status	Applies To
₦0 — ₦5,000	FREE	₦0	₦0 (below threshold)	₦0 total	✅ Free	All channels: app, USSD, internet banking, branch
₦5,001 — ₦9,999	₦10	₦0.75 (7.5% VAT)	₦0 (below ₦10,000 threshold)	₦10.75	— Unchanged	All channels
₦10,000 — ₦50,000	₦10	₦0.75 (7.5%)	₦50 (Stamp Duty)	₦60.75 total	⚠️ Govt levy added	All electronic channels. Stamp Duty paid by sender (new from Jan 1, 2026)
Above ₦50,000	₦50	₦3.75 (7.5%)	₦50 (Stamp Duty)	₦103.75 total	⚠️ Govt levy added	All electronic channels
Intra-bank transfer (same bank)	FREE	₦0	₦0 (same institution, same BVN — exempt)	₦0	✅ Free	Transfers between accounts at the same bank. Stamp Duty exemption applies if same BVN/NIN.
Bulk payments (salaries, dividends)	Negotiable — max ₦15 per beneficiary	7.5% on fee	₦50 per beneficiary transfer ≥₦10,000	Up to ₦65.75 per beneficiary	🔗 Negotiable	Payroll disbursement, dividend payment batches
Transfer fee source: CBN Guide to Charges 2020 (transfer fee structure retained in 2026 exposure draft); Legit.ng — CBN April 2026 Exposure Draft confirmation. Stamp Duty source: TheCable — Stamp Duty Jan 2026.

⚠️ How VAT Works on Nigerian Bank Charges — The Part Most People Miss

VAT (Value Added Tax) at 7.5% applies to most bank charges in Nigeria. It is applied on the bank’s fee — not on the transfer amount. VAT does NOT apply to government levies like Stamp Duty (which is itself already a tax). Here is how VAT affects each charge type:

Transfer Fee ₦10

+ ₦0.75 VAT = ₦10.75 total

Transfer Fee ₦50

+ ₦3.75 VAT = ₦53.75 total

Stamp Duty ₦50

NO VAT — Stamp Duty is a tax itself, not a service fee. No additional VAT applied.

Card Fee ₦1,500

+ ₦112.50 VAT = ₦1,612.50 total

Bills Payment ₦500 max

+ ₦37.50 VAT = ₦537.50 total max

ATM Not-on-Us ₦100

+ ₦7.50 VAT = ₦107.50 total

VAT is collected by banks on behalf of FIRS. Some bank pricing guides show VAT-inclusive figures; others show exclusive. The figures in this database are the CBN-mandated amounts before VAT unless explicitly stated. Always add 7.5% to get your actual total cost for each charge. Source: Stanbic IBTC Pricing Guide (CBN-compliant) 2024.

💹 Section B: Stamp Duty / EMTL — The Complete Breakdown

Source: Nigeria Tax Act (NTA) 2025 — effective January 1, 2026 | Administered by: Federal Inland Revenue Service (FIRS) | Previously: Finance Act 2020, EMTL Regulations 2022

🚨 Critical Change: WHO Pays the ₦50 Changed on January 1, 2026

Before January 1, 2026: the ₦50 was deducted from the RECIPIENT’s account when they received money of ₦10,000+. After January 1, 2026 (under the Nigeria Tax Act 2025): the ₦50 is deducted from the SENDER’s account at the time of sending. The threshold (₦10,000) and the amount (₦50 flat) are unchanged. The entity receiving payment now gets their full amount. The entity sending payment now pays ₦50 more. If you send ₦50,000 to someone, they receive ₦50,000. You are charged ₦50,000 + ₦50 (Stamp Duty) + ₦50 (transfer fee) + ₦3.75 (VAT) = ₦50,103.75 total. Source: Daily Trust (December 2025); TheCable confirmation.

📹

Finance Act 2020

EMTL introduced. ₦50 on transfers ≥₦10,000. Recipient pays.

📋

EMTL Regs 2022

FIRS regulations solidified administration and collection requirements.

📌

Sep 2024

Fintechs (OPay, PalmPay, etc.) begin collecting EMTL after FIRS enforcement.

🔄

NTA 2025 (Jan 2026)

EMTL renamed Stamp Duty. SENDER now pays ₦50. Recipient receives full amount.

🏦

Who Gets the ₦50

Goes directly to FIRS (Federal Govt). Bank retains nothing. Banks collect and remit.

Scenario	Stamp Duty Applied?	Amount	Who Pays	Notes
Transfer ≥ ₦10,000 to another person / business	✅ YES	₦50 flat	Sender	Applies regardless of transfer amount (whether ₦10,000 or ₦10 million, it is always ₦50 flat)
Transfer < ₦10,000	❌ NO	₦0	N/A	Below the ₦10,000 threshold. No Stamp Duty regardless of channel.
Transfer between your OWN accounts (same name, same BVN)	❌ NO	₦0	N/A	Same-owner intra-account transfers are exempt from Stamp Duty per NTA 2025
Transfer in foreign currency (USD, GBP, EUR)	✅ YES	₦50 equivalent	Sender	Applies to naira equivalent of ≥₦10,000 at official CBN exchange rate at time of transfer
Salary payment from employer to employee	✅ YES (per transfer)	₦50 per employee transfer ≥₦10,000	Employer (sender)	Applies to each payroll disbursement above ₦10,000. Multiplied across a large payroll, this is significant.
POS cash withdrawal from agent	❌ NO	₦0	N/A	POS cash-out is not classified as an electronic transfer for Stamp Duty purposes
USSD transfer ≥ ₦10,000	✅ YES	₦50	Sender	Channel does not matter. USSD transfers are electronic transfers. Threshold and flat rate apply.
EMTL generated ₦219.11 billion for the Nigerian government in 2024 alone (above its ₦174.24 billion projection). Source: TechCabal (December 2025); SmartSMSSolutions EMTL explainer; Legit.ng UBA Stamp Duty confirmation (Dec 2025).

💴 Section C: ATM Withdrawal Fees

Source: CBN Circular — Review of ATM Transaction Fees, February 10, 2025 (effective March 1, 2025) | Integrated into CBN 2026 Exposure Draft | CBN FAQ on ATM fees (official PDF)

ATM Type	Location Type	Charge Per Withdrawal	For Withdrawals Above ₦20,000	Daily Cap	Effective Date	Status
On-Us ATM (your own bank’s ATM)	Any location	FREE — ₦0	FREE regardless of amount	Subject to your bank’s daily withdrawal limit	March 1, 2025	✅ Always Free
Not-on-Us ATM (another bank’s ATM)	On-site (inside or adjacent to a bank branch)	₦100 per ₦20,000	+₦100 for each additional ₦20,000 or portion. E.g., ₦40,000 withdrawal = ₦200.	₦60,000 cumulative daily withdrawal via not-on-us ATMs	March 1, 2025	🚨 Updated 2025
Not-on-Us ATM (another bank’s ATM)	Off-site (malls, petrol stations, airports, supermarkets, public areas)	₦100 + surcharge up to ₦500	+₦100 for each additional ₦20,000 + the ₦500 off-site surcharge (one-time per transaction, not per ₦20,000).	Same ₦60,000 daily cap	March 1, 2025	🚨 Updated 2025 — Disclosure required
International ATM (withdrawals outside Nigeria)	Any	Charged at actual cost by the international acquirer. Your bank passes through the exact cost with no markup. Plus international card usage charges may apply.		Subject to your bank’s daily foreign withdrawal limit	Per 2020 guide, retained 2026	— Unchanged
Key rule: Off-site ATMs must disclose the surcharge to you before you complete the withdrawal. You have the right to cancel after seeing the fee without being charged. Source: Nigeria Startup Act ATM fee guide; CBN official ATM FAQ. Note: Stamp Duty does NOT apply to ATM cash withdrawals — only to electronic transfers.

💡 Did You Know? The True Cost of Withdrawing from an Off-Site ATM

A ₦20,000 withdrawal from an off-site ATM (like one at a mall or filling station) can now cost up to ₦600 in fees — ₦100 base fee + ₦500 off-site surcharge. That represents 3% of the withdrawal amount in fees alone. For a ₦10,000 withdrawal at an off-site ATM, the fee can equal 6% of the transaction value. The CBN requires that the surcharge be displayed before transaction completion, allowing you to cancel. If the machine charges without prior disclosure, that is a violation you can report to CBN. Source: WithinNigeria ATM fee explainer (April 2026).

💳 Section D: Card Issuance, Maintenance & Replacement Fees

Source: CBN Exposure Draft Guide to Charges 2026, April 21, 2026 (effective May 1, 2026) | Circular signed by Dr. Rita Sike

Card Type / Action	Charge (2026)	Previous Charge	Change	VAT	Notes
Standard Naira Debit Card — Issuance (new card)	₦1,500	₦1,000	⇧ +₦500 (50% increase)	7.5% VAT applies (total ₦1,612.50)	Applies across all CBN-regulated institutions — commercial banks, MFBs, PSBs, MMOs
Standard Naira Debit Card — Replacement (lost, stolen, damaged, expired)	₦1,500	₦1,000	⇧ +₦500 (50% increase)	7.5% VAT applies	Same ₦1,500 whether lost, stolen, damaged, or expired
Standard Naira Debit Card — Monthly Maintenance	FREE — SCRAPPED	₦50/month (₦600/year + VAT)	Eliminated May 1, 2026	N/A	This charge has been completely eliminated. Banks continuing to charge it are in violation.
Virtual Card (naira)	FREE	Free (unchanged)	— No change	N/A	Virtual cards remain permanently free. No issuance fee, no maintenance fee.
Premium Debit / Credit / Hybrid Card — Issuance	Negotiable	₦1,000 (was fixed)	🔗 Now Negotiable	7.5% if fee charged	Platinum, Black, World cards — fees negotiated between you and your bank
Foreign Currency (FCY) Card — Annual Maintenance	$10/year	$10/year	— Unchanged	7.5% VAT may apply on naira equivalent	USD, GBP, EUR denominated cards. Only FCY cards still carry annual maintenance.
Hardware Token (internet banking security device)	₦2,500 max (cost recovery)	₦3,500 max	⇩ Reduced	7.5% VAT	Cost recovery means the bank cannot profit — only recovers the actual cost of the token
Sources: BusinessDay (April 25, 2026); TheCable (April 24, 2026); Daily Post (April 24, 2026).

✅ New in 2026: PIN Re-Issuance and Reset Is Now Free

The CBN 2026 Exposure Draft explicitly added PIN-related services to the free services list: PIN re-issuance and PIN resets are free for all customers. If your bank has been charging you for PIN resets or PIN changes, that charge is no longer permissible effective May 1, 2026. Source: Legit.ng — CBN 5 free banking services, April 26, 2026.

📱 Section E: POS & Merchant Service Charges

Source: CBN Exposure Draft 2026, April 21, 2026 | CBN Guide to Charges 2020 (POS provisions retained and reinforced)

🚫 The Rule Nigerian Consumers Are Most Often Cheated On

POS customers are charged zero. The Merchant Service Charge is paid by the merchant exclusively. The CBN 2026 guide explicitly reinforces: “customers will not be charged for point-of-sale (POS) transactions.” If a POS merchant or agent is charging you ₦50, ₦100, or any amount to use your card at their terminal, they are passing on a charge they are legally required to absorb. You have the right to refuse, not pay, and report such merchants to CBN. Source: Daily Trust (May 2026 CBN directive summary).

Transaction Type	Customer Charge	Merchant Charge	Cap	Stamp Duty?	Status	Notes
POS payment to merchant (card tap / insert)	FREE to customer	0.5% of transaction	Max ₦10,000 per transaction	NO — POS payments exempt	✅ Customer pays nothing	Merchant Service Charge (MSC) is capped at 0.5% / ₦10,000 under 2026 guide
POS cash withdrawal from agent (agency banking)	0.5% of transaction (customer pays)	N/A — agent earns commission	₦100 max per withdrawal transaction	NO — POS cash-out exempt	— Retained	Customer pays 0.5% up to ₦100 for cash-out at POS agent. This is distinct from merchant payment.
POS transfer (intra / inter-bank via agent terminal)	Standard transfer fee applies (₦10 or ₦50)	N/A	Standard transfer fee cap	YES if ≥₦10,000	— Standard transfer rules	Transfer via POS terminal is still an electronic transfer and standard NIP fees + Stamp Duty apply
Merchant surcharging customer (passing on MSC)	ILLEGAL	Merchant absorbs fully	N/A	N/A	🚫 Prohibited	Surcharging customers for card use is explicitly prohibited. Report violations to CBN: cpd@cbn.gov.ng
POS agent commission from Moniepoint: ₦20 per withdrawal, ₦5 per transfer (agent earnings are separate from what the customer pays). See Daily Reality NG’s full guide: Moniepoint POS Business — Profit, Risks, Charges.

🏭 Section F: Account Maintenance Fees (CAMF)

Source: CBN Exposure Draft 2026 (CAMF phase-down provisions) | TheCable April 24, 2026

Account Type	2026 CAMF Rate	2027 Rate	Applies To	Exemptions	CBN Reference
Current Account	₦0.50 per ₦1,000 transacted (₦0.5 per mille)	ZERO — Eliminated	Customer-initiated debit transactions to third parties only (transfers, withdrawals to other accounts)	NOT applicable to: savings accounts; inter-own-account transfers; bank-initiated charges; interest payments	TheCable 2026
Savings Account	ZERO — Never Applicable	ZERO	N/A — savings accounts have never been subject to CAMF	All savings account holders exempt permanently	CBN Guide 2020 (retained 2026)
Account Reactivation (dormant/inactive)	FREE	FREE	All account types	Reactivation is explicitly free under 2026 guide. Was already free under 2020 guide.	WithinNigeria 2026
CAMF is accrued daily and charged at end of month. It applies to current accounts only. The ₦0.50 per mille rate in 2026 is a phased reduction — it will drop to zero in 2027, fully eliminating account maintenance charges for Nigerian bank customers. Savings account holders reading this: you have NEVER been legally subject to CAMF. If your savings account is being charged a monthly maintenance fee, raise it with your bank and escalate to CBN if needed.

📱 Section G: Transaction Alert Fees (SMS & Email)

Source: CBN Exposure Draft 2026, April 21, 2026 | TheCable confirmation

Alert Type	Charge	Rule	Can Bank Profit?	Customer Right
Mandatory SMS alerts (customer-initiated transactions)	Cost-recovery basis only — varies by bank and telecom	Bank may charge but ONLY the actual telecom cost of sending the SMS. No markup permitted. No profit on SMS alerts.	NO — Cost recovery only	You can request an itemised breakdown of what your bank is charging for SMS alerts per month
Email transaction alerts	FREE — ₦0	Email alerts must be provided free of charge. No exception. Banks cannot charge for email notifications under any circumstances.	NO — Prohibited	If your bank charges for email alerts, that charge is illegal. Request reversal and escalate to CBN.
Bank-initiated transaction alerts (interest, bank charges, adjustments)	FREE	Alerts on transactions the bank initiates (interest credit, fee deductions) must be free. Customer pays only for alerts on their own transactions.	NO	You have the right to know every transaction on your account. Bank-alert costs cannot be passed to customer.
Opting out of SMS alerts	Customer must provide written indemnity to bank	You can opt out of SMS alerts but must provide formal indemnity. Not recommended — alerts are your primary fraud detection.	N/A	Right to opt out exists but formal process required. Email alerts remain active regardless.
Source: TheCable — CBN 2026 guide SMS/email provisions; WithinNigeria explainer.

💰 Section H: Cash Withdrawal & Deposit Limits — CBN Cashless Policy 2026

Source: CBN Cashless Policy revised framework | CBN.gov.ng Reforms page

Limit Type	Individual	Corporate / Business	Excess Charge	Who Receives Excess Fee	Deposit Limits
Weekly Cash Withdrawal Limit (all channels)	₦500,000/week	₦5,000,000/week	3% (individual) / 5% (corporate) on amount above limit	Shared between CBN and the financial institution	✅ NO LIMIT on cash deposits. All deposit limits REMOVED. Zero charges on deposits.
POS Agent Daily Cash-Out Limit (CBN April 2026)	₦1,200,000 per agent per day (total across all customer transactions)		Agent terminal restricted when daily cap is reached	N/A
Customer Daily Cash-Out at POS Agent	₦100,000/day & ₦500,000/week	Same as individual limit at agent	Transaction declined when limit reached	N/A	Deposits: No restriction
Third-party cheque over-the-counter cash withdrawal	Maximum ₦10,000,000 per day per CBN cashless policy		N/A	N/A	Deposits: No restriction
⚠️ Excess cash charges (3% / 5%) are shared between CBN and the bank. This is a government policy charge, not a bank profit fee. Source: CBN Reforms page (cashless policy); Daily Reality NG — CBN Cashless Policy 2026 Explained.

📄 Section I: Bank Statement & Account Service Fees

Source: CBN Guide to Charges 2020 (retained in 2026 Exposure Draft)

Service	Charge	Notes	Status
Monthly statement (current & savings accounts)	FREE (mandatory)	Monthly statements are mandatory and free. Bank must provide electronically at minimum.	✅ Free
Special statement request (non-standard format or timing)	Max ₦20 per page	A “special” statement is one requested outside the normal cycle or in a special format (court-ready, certified, etc.)	— Unchanged
Electronic statement via email	FREE	Email delivery of statements is free. Banks cannot charge for digital delivery.	✅ Free
Physical statement by post	₦500 + cost of postage	Includes courier or postal charges. Banks must use actual cost, no markup.	— Unchanged
Confirmation letter / reference letter	Negotiable — subject to CBN cap	Bank confirmation letters for visa applications, employment verification, etc.	🔗 Negotiable
Account reactivation (dormant account)	FREE	Reactivating a dormant or inactive account is explicitly free under 2026 guide.	✅ Free (confirmed 2026)
Cheque book issuance	₦50 per leaf	Per cheque leaf within the book. A 25-leaf cheque book costs approximately ₦1,250.	— Unchanged
Stop payment on cheque	Negotiable	Fee for instructing bank to reject a specific cheque. No fixed CBN rate.	🔗 Negotiable
Source: CBN Guide to Charges 2020 (statement provisions retained in 2026 Exposure Draft).

🏭 Section J: Loan Charges, Interest, and APR Disclosure Rules (2026)

Source: CBN Exposure Draft 2026, April 21, 2026 | APR mandate provisions

Charge / Provision	CBN Rule	Direction of Change	What It Means for Borrowers
Annual Percentage Rate (APR) Disclosure	MANDATORY — All loan products must disclose full APR including all fees before disbursement	🚨 New Requirement 2026	You can now legally demand to see the total annual cost of any loan before accepting. No more hidden origination or processing fees buried in the small print.
Lending Rate to Customers	Negotiable. Minimum of 30% of MPR (Monetary Policy Rate) per annum as floor for deposit rates. Lending rates negotiable but must be disclosed.	🔗 Negotiable but disclosed	MPR is currently 27.5% (CBN MPC rate as of early 2026). 30% of MPR = ~8.25% minimum on deposit rates.
Loan Processing / Origination Fee	Must be included in APR calculation. Cannot be charged separately without disclosure.	🚨 Now Captured in APR	Previously buried. Now must be part of total cost disclosed upfront. If a lender adds a processing fee after quoting APR, that is a violation.
Penal Charges on Overdraft	Negotiable. Subject to CBN guidelines and disclosure requirements.	🔗 Negotiable	Penalty rates must be disclosed at account opening. Banks cannot introduce new penalty charges without prior CBN approval and customer notification.
Non-credit charges when account balance is insufficient	PROHIBITED to charge beyond available balance. Must be DEFERRED (not waived) until account is funded.	✅ Consumer protection provision	Banks cannot send your account into negative balance purely from fee deductions. Fees are queued and deducted when funds are available.
Source: Legit.ng — CBN Exposure Draft April 2026 APR requirements; BusinessDay April 2026 coverage.

🌎 Section K: International & Foreign Currency Transaction Fees

Source: CBN Guide to Charges 2020 (retained 2026) | CBN exchange rate circular

Transaction Type	Charge	Notes	Status
International ATM withdrawal	Cost of international acquirer (passed through at exact cost)	Your bank cannot mark up international ATM charges. They pass through the exact acquirer cost.	— Unchanged
Merchant POS (international / travel / entertainment)	0.5% of transaction — max ₦1,000	Applies to international card spending at general merchants including travel and entertainment	— Unchanged
Foreign currency card annual maintenance	$10/year	Only foreign-currency-denominated cards carry this annual fee. Naira card maintenance has been scrapped.	— Unchanged
SWIFT international transfer	Negotiable — subject to SWIFT network costs	Banks charge for international wire transfers. Fees vary by bank and destination. Must be disclosed before sending.	🔗 Negotiable
Diaspora remittance (inbound)	₦0 to recipient	The recipient in Nigeria does not pay fees. Stamp Duty of ₦50 applies to the recipient if the naira equivalent received is ≥₦10,000. Sender abroad pays the sending platform’s fee.	— Stamp Duty applies
For the best rates on inbound remittances to Nigeria, see Daily Reality NG: Wise vs LemFi vs Sendwave Nigeria — Best Rate Comparison.

📋 Section L: Miscellaneous Charges

Source: CBN Guide to Charges 2020 (most retained in 2026 Exposure Draft)

Service	CBN-Approved Charge	VAT	Notes	Status
New product / service not in CBN guide	Requires prior written CBN approval before bank can charge customers. Banks cannot create new charges on their own.			🚨 Reinforced 2026
Bills payment (utility, DSTV, etc.) via electronic channel	Max ₦500 per transaction (0.75% of value up to ₦1,200 under previous guide; 2026 confirms max ₦500)	7.5%	Applies to bill payments through bank channels. Flat max ₦500.	— Confirmed 2026
Inter-scheme charges (Verve/Visa/Mastercard switching)	Negotiable	7.5%	Network fees charged when your Verve card is processed on a Mastercard or Visa terminal	🔗 Negotiable
Cash deposit (any amount)	FREE — No charge	N/A	All limits on cash deposits removed. Zero charges on deposits. Prior ₦50/₦10,000 deposit charge is completely eliminated.	✅ Deposit always free
Safe keeping / custody fees	Negotiable	7.5%	Fees for safe deposit boxes or valuables custody	🔗 Negotiable
Reference letter / employer confirmation	Negotiable	7.5%	Letters confirming account ownership, employment verification	🔗 Negotiable
All “negotiable” charges must still be disclosed at account opening. Banks cannot charge for services not listed in the CBN guide or not approved in writing by CBN. Source: CBN Guide to Charges 2020; Daily Trust May 2026 directive summary.

📈 Section R: Savings & Deposit Interest Rates — What Banks Must Pay You

Source: CBN Guide to Charges 2020 (interest provisions) | CBN MPR at 26.5% as of February 25, 2026 | Legit.ng bank savings rate table (January 2026) | Trading Economics MPR data

Most Nigerians focus entirely on what banks charge them. Fewer know what banks are legally required to pay them. The CBN mandates a minimum interest rate on savings deposits, linked to the Monetary Policy Rate (MPR). With the CBN reducing the MPR to 26.5% at its 304th MPC meeting on February 25, 2026, the minimum savings rate moved accordingly. Here is the complete framework.

26.5% Current CBN MPR
(as of Feb 25, 2026)

7.95% Minimum savings rate
(30% of 26.5% MPR)

8.30% Highest savings rate offered
by any commercial bank (2026)

1–4% What most banks
actually pay in practice

Account / Product Type	CBN Minimum Rate	Typical Market Rate (2026)	Best Rate Available	NDIC Coverage	Liquidity	CBN Source
Regular Savings Account (commercial bank)	Min 30% of MPR = ~7.95%/yr	1–4% per annum in practice. Many banks pay far below the CBN minimum.	8.30% (select banks per CBN Jan 2026 publication)	✅ Up to ₦5,000,000	Instant (no lock-in)	Legit.ng Jan 2026
Current Account	Negotiable (no CBN minimum)	0% for most current accounts. Interest only if negotiated.	N/A — negotiated case by case	✅ Up to ₦5,000,000	Instant	CBN Guide 2020
Fixed Deposit (30–365 days)	Negotiable — no CBN floor	12–20% per annum depending on tenor, amount, and bank. Longer tenors = higher rates.	20%+ (some merchant banks Q4 2025)	✅ Up to ₦5,000,000	Locked — early exit forfeits interest	NairaCompare 2025
Treasury Bills (FGN-issued)	N/A — set by DMO auction	18–22% per annum (91-day to 364-day). Federal government guarantee.	22%+ for 364-day T-bills at recent DMO auctions	🚫 No NDIC — FGN-backed directly	Semi-liquid — can sell on secondary market	DMO Nigeria auctions
Fintech High-Yield Savings (PiggyVest, Cowrywise)	N/A — not CBN-mandated	10–14% per annum on platform savings products. Backed by underlying T-bills or commercial paper.	PiggyVest Flex: up to 14% (2026)	⚠️ Varies — platform-dependent	Varies — some instant, some locked	Afrotools 2026
MPR as of June 2026: 26.5% (CBN held rate at May 20, 2026 MPC meeting). Minimum savings rate = 30% of MPR = 7.95% per annum. Source: Trading Economics — CBN MPR May 2026; AllAfrica — CBN reduces MPR to 26.5% (Feb 25, 2026). ⚠️ If your savings account is earning less than 7.95% per annum at a commercial bank, your bank may be below the CBN minimum. You can request your current interest rate in writing. If your bank refuses to confirm it, escalate to CBN at cpd@cbn.gov.ng.

💡 The Interest Rate Nigerian Banks Are Not Telling You About

The CBN’s January 2026 publication of bank savings rates showed that while some banks (Zenith, GTBank, Union Bank) are paying 8%+ on savings, many others are paying between 1% and 4% — significantly below the CBN-mandated minimum of 30% of MPR. In an era where the MPR is 26.5%, a savings account earning 1.5% is losing purchasing power at an extraordinary rate. Compared to Treasury Bills at 18–22% or fintech savings products at 10–14%, a regular commercial bank savings account is one of the worst places to store money beyond your immediate emergency reserve. Daily Reality NG recommends: emergency fund (1–3 months expenses) in an instant-access savings account; medium-term savings in T-bills or fintech savings apps; long-term in fixed deposits or higher-yield instruments. Source: Legit.ng — CBN savings rate data (August 2025).

🏭 Section S: Business & SME-Specific Charges — What Every Nigerian Business Owner Pays

Source: CBN Guide to Charges 2020 / 2026 Exposure Draft | NTA 2025 (Stamp Duty bulk payment impact) | CBN APR mandate

Business owners in Nigeria face a different fee profile than individual consumers. Payroll processing, bulk payments, business account maintenance, trade finance, and loan charges all carry specific CBN-regulated rates. This section documents every charge a Nigerian SME or entrepreneur should know.

Charge Type	CBN-Approved Rate	Stamp Duty Impact	Monthly Cost Example (10-person payroll at ₦100k each)	CBN Reference	Notes for SMEs
Bulk Payment / Payroll Transfer per beneficiary	Negotiable — max ₦15 per beneficiary (sender pays)	₦50 per employee transfer ≥₦10,000	10 employees × ₦100,000 each: ₦15 transfer fee × 10 = ₦150 ₦50 Stamp Duty × 10 = ₦500 VAT ~₦11.25 Total cost: ₦661.25	CBN Guide 2020 / NTA 2025	The Stamp Duty impact is the biggest surprise for payroll. A 50-person payroll all above ₦10,000 costs ₦2,500 in Stamp Duty alone per month = ₦30,000/year.
Business / Current Account Maintenance Fee (CAMF)	₦0.50 per ₦1,000 of debit transactions (2026) → ₦0 in 2027	N/A	Business processing ₦5,000,000/month in debit transactions: ₦0.50 × 5,000 = ₦2,500 CAMF/month	CBN Exposure Draft April 21, 2026	High-volume businesses feel CAMF more acutely. The 2027 elimination will directly benefit SMEs processing large monthly volumes.
Annual Percentage Rate (APR) on business loans	Mandatory disclosure — all fees must be included in APR before disbursement	N/A	A bank quoting “18% interest” must now also show total APR including origination fee, processing fee, insurance, and all other charges. APR may be 25–35% when all fees are included.	CBN Exposure Draft April 21, 2026	Game-changer for SMEs: Banks that previously hid processing fees of 3–5% in small print must now show them in the APR. Always demand APR disclosure before accepting any business loan.
Trade Finance — Letters of Credit (LC)	Negotiable — no CBN fixed rate	N/A	Varies significantly. Typically 1–2% commission on LC face value. FX component charges additional rates.	CBN Guide 2020	Importers using LCs must negotiate fees at account opening. Banks cannot add charges not disclosed at LC issuance.
Commission on Guarantees and Indemnities	Negotiable	N/A	Typically 0.5–1% per annum on guarantee value. Must be disclosed before signing.	CBN Guide 2020	Common for construction companies and government contractors requiring bank guarantees for bid bonds.
Over-the-Counter (OTC) cash deposits above cashless policy threshold	3% (individual) / 5% (corporate) on amount above weekly limit	N/A	A business depositing ₦10,000,000/week (above ₦5,000,000 corporate limit): 5% × ₦5,000,000 excess = ₦250,000 penalty charge	CBN Cashless Policy	High-cash businesses (supermarkets, large retailers) must plan to stay within limits or factor cashless penalty into their cost model.
Merchant POS Acceptance — Merchant Service Charge (MSC)	0.5% capped at ₦10,000 per transaction	N/A (MSC is a bank-to-merchant charge, not covered by Stamp Duty)	A supermarket processing ₦500,000 in card sales daily: 0.5% × ₦500,000 = ₦2,500 MSC/day = ₦75,000/month in acceptance costs	CBN Exposure Draft April 21, 2026	MSC was reduced from max ₦1,200/transaction to 0.5% capped at ₦10,000 under 2026 guide. For merchants accepting card payments above ₦200,000/transaction, this cap saves money.
⚠️ The single most important change for Nigerian SMEs in 2026 is the APR disclosure mandate. Before signing any business loan agreement, demand the total APR figure in writing. A bank that cannot provide APR is not complying with CBN rules. Source: Candide-Johnson Law — 2026 Framework analysis; The Guardian Nigeria — CBN 2026 guide disclosure rules (April 25, 2026).

📱 Section T: Fintech vs Commercial Bank — Side-by-Side Fee Comparison

How do OPay, Moniepoint, Kuda, and PalmPay compare against GTBank, Zenith, and Access Bank on the charges that matter most? All figures verified from official sources, May–June 2026.

The 2026 CBN Guide to Charges applies to all CBN-licensed institutions — commercial banks, microfinance banks, payment service banks, and mobile money operators. This means the same transfer fee rules, the same Stamp Duty, and the same card regulations apply to OPay as to GTBank. However, fintech platforms have historically competed on fees that differ from the CBN minimums because they negotiated differently or structured their products to minimise chargeable transactions. Here is the honest comparison.

Fee Type	GTBank	Access Bank	Zenith Bank	Moniepoint	Kuda Bank	OPay	PalmPay	CBN Maximum Allowed
Transfer below ₦5,000	FREE	FREE	FREE	FREE	FREE	FREE	FREE	FREE (CBN mandate)
Transfer ₦5,001–₦50,000	₦10	₦10	₦10	₦10	₦10 (25 free/month historically)	₦10	₦10	Max ₦10
Transfer above ₦50,000	₦50	₦50	₦50	₦20 (agent transfer)	₦50	₦50	₦50	Max ₦50
Stamp Duty (transfers ≥₦10,000)	₦50 (FIRS)	₦50 (FIRS)	₦50 (FIRS)	₦50 (FIRS)	₦50 (FIRS)	₦50 (FIRS)	₦50 (FIRS)	₦50 (FIRS — mandatory all platforms)
Standard card issuance	₦1,500	₦1,500	₦1,500	N/A (app-based)	FREE (virtual-first)	FREE (digital cards)	FREE (digital cards)	₦1,500 for physical card
Card monthly maintenance (naira)	SCRAPPED — ₦0	SCRAPPED — ₦0	SCRAPPED — ₦0	N/A	Always free	Always free	Always free	SCRAPPED (May 1, 2026)
ATM own-bank withdrawal	FREE	FREE	FREE	N/A (no ATM network)	N/A (no ATM network)	N/A	N/A	FREE (CBN mandate)
POS cash withdrawal (agent)	N/A — bank channel	N/A	N/A	0.5% max ₦100	N/A	0.5% max ₦100	0.5% max ₦100	0.5% max ₦100
Account maintenance (current)	₦0.50 per ₦1,000 (2026)	₦0.50 per ₦1,000 (2026)	₦0.50 per ₦1,000 (2026)	N/A — no CAMF on MFB accounts	N/A — no CAMF	N/A — no CAMF	N/A — no CAMF	₦0.50/₦1,000 for commercial banks
Email alerts	FREE	FREE	FREE	FREE (push notification)	FREE	FREE	FREE	FREE (CBN mandate)
⚠️ The CBN 2026 framework applies to ALL regulated institutions. Fintech advantages are largely in: no physical card maintenance costs, no CAMF (MFBs exempt in practice), and zero-cost digital card issuance. However, Stamp Duty (₦50 per transfer ≥₦10,000) applies equally across all platforms. Sources: Official platform fee pages; Legit.ng April 26, 2026; CrispNG May 2026.

🏭 Which CBN Rules Apply to Which Institution Type?

Institution Type	Examples	CBN Guide Applies?	NDIC Coverage	CAMF Applicable?	Transfer Fees	Card Fee Rules
Commercial Bank (DMB)	GTBank, Zenith, Access, First Bank, UBA, Stanbic IBTC	✅ Fully applicable	✅ Up to ₦5M	Yes — current accounts only	Full CBN transfer fee schedule	₦1,500 card fee applies
Microfinance Bank (MFB)	Moniepoint MFB, Kuda MFB, LAPO MFB, Carbon MFB	✅ Applicable (MFB provisions of Guide)	✅ Up to ₦5M (same NDIC)	Generally not applied in practice for digital MFBs	Same NIP transfer fee structure	₦1,500 if physical card issued
Payment Service Bank (PSB)	MTN MoMo PSB, Airtel Money	✅ Applicable	⚡ Limited — verify with CBN	Generally not applicable	CBN fee schedule applies	Limited card products
Mobile Money Operator (MMO)	OPay, PalmPay (MMO-licensed operations)	✅ Applicable	⚡ Varies by licence structure	Not applicable	Same CBN schedule	Digital-first, physical card fees if issued
All four institution types are covered by CBN’s 2026 Exposure Draft. Key differences: CAMF applies primarily to commercial bank current accounts. NDIC coverage is clearest for commercial banks and licensed MFBs. Source: Candide-Johnson Law Practice (May 2026).

💵 Section U: Real Transaction Cost Calculator — What You Actually Pay Per Scenario

Total cost breakdowns for the most common transaction types Nigerian bank customers actually perform. All figures current as of June 2026.

The reason Nigerians are confused about bank charges is that a single transaction can generate three separate deductions — the bank’s transfer fee, the VAT on that fee, and the government’s Stamp Duty. This section shows the exact total cost for 10 common scenarios so you know what to expect before you send.

Scenario	Amount Sent	Transfer Fee	VAT (7.5% on fee)	Stamp Duty	Total Charged to Sender	Amount Received	Total % Cost
Send ₦3,000 to family	₦3,000	₦0 (free)	₦0	₦0 (below ₦10k)	₦3,000 — NO FEES	₦3,000	0%
Send ₦8,000 to a vendor	₦8,000	₦10	₦0.75	₦0 (below ₦10k)	₦8,010.75 total out of pocket	₦8,000	0.13%
Send ₦10,000 to a friend	₦10,000	₦10	₦0.75	₦50 (Stamp Duty kicks in at ₦10k)	₦10,060.75 total	₦10,000	0.61%
Send ₦25,000 for rent	₦25,000	₦10	₦0.75	₦50	₦25,060.75	₦25,000	0.24%
Send ₦50,000 for school fees	₦50,000	₦10	₦0.75	₦50	₦50,060.75	₦50,000	0.12%
Send ₦51,000 (just above ₦50k threshold)	₦51,000	₦50 (crosses ₦50k threshold)	₦3.75	₦50	₦51,103.75	₦51,000	0.20%
Send ₦100,000 for supplier payment	₦100,000	₦50	₦3.75	₦50	₦100,103.75	₦100,000	0.10%
Send ₦500,000 for property deposit	₦500,000	₦50	₦3.75	₦50	₦500,103.75	₦500,000	0.021%
Intra-bank transfer ₦100,000 (same bank)	₦100,000	₦0 (free)	₦0	₦0 (same bank, same BVN)	₦100,000 — NO FEES	₦100,000	0%
Employer paying 1 employee ₦150,000 salary	₦150,000	₦15 (bulk payment rate)	₦1.13	₦50	₦150,066.13	₦150,000	0.044%
Key insight: The Stamp Duty (₦50) has the highest proportional impact on small transfers. On a ₦10,000 transfer it represents 0.5% of the transaction. On a ₦500,000 transfer it represents 0.01%. This is why the Stamp Duty disproportionately hurts lower-income Nigerians making small, frequent transfers. For transfers under ₦10,000, there are ZERO fees if transferred below ₦5,000, or only ₦10.75 (including VAT) for ₦5,001–₦9,999. ⚠️ Important: Intra-bank transfers (same bank, same BVN/NIN) are FREE and exempt from Stamp Duty. If you need to move large amounts regularly within your own accounts at the same institution, use intra-bank transfers to avoid all fees. Source: Pulse Nigeria — 5 bank charges now free (Nov 2025); Legit.ng — CBN 2026 free banking services.

💰 Fee-Minimisation Strategies — Completely Legal, CBN-Compliant

✅ Use intra-bank for large amounts

Transfer ₦500,000 between your own accounts at the same bank: ₦0 fees. Use this for own-account fund pooling before sending externally.

✅ Split transfers below ₦5,000 to avoid fees

Sending ₦4,999 = ZERO fees. Sending ₦5,001 = ₦10.75. For small peer-to-peer payments, staying below ₦5,000 eliminates all transfer costs.

✅ Use own-bank ATM for cash

Your own bank’s ATM: always free. Off-site not-on-us ATM: up to ₦600 per ₦20,000 withdrawal. One extra minute to find your own bank’s ATM saves money.

✅ Get a virtual card for online payments

Virtual cards are FREE to issue (CBN 2026 mandate). For online shopping and subscriptions, use a free virtual card rather than requesting a new physical card at ₦1,500.

📋 Section M: Complete Master Fee Table — Every CBN-Regulated Charge in One View

All fees from all sections consolidated. Use this as a quick reference. Updated: June 2026.

Fee Category	Specific Charge	Amount	Who Pays	CBN Circular	Eff. Date	Status
Transfer Fee	Transfer ≤₦5,000	FREE	N/A	Guide 2020 / 2026 Draft	Jan 2020	✅ Free
Transfer Fee	Transfer ₦5,001–₦50,000	₦10	Sender	Guide 2020 / 2026 Draft	Jan 2020	— Unchanged
Transfer Fee	Transfer >₦50,000	₦50	Sender	Guide 2020 / 2026 Draft	Jan 2020	— Unchanged
Stamp Duty / EMTL	All transfers ≥₦10,000	₦50 flat	Sender (NEW from Jan 2026)	NTA 2025 / FIRS	Jan 1, 2026	🚨 Sender change
ATM	Withdrawal from own bank ATM	FREE	N/A	CBN ATM Circular Feb 10, 2025	Mar 1, 2025	✅ Free
ATM	Not-on-Us, on-site ATM	₦100 per ₦20,000	Customer	CBN ATM Circular Feb 10, 2025	Mar 1, 2025	🚨 Updated
ATM	Not-on-Us, off-site ATM	₦100 + up to ₦500	Customer	CBN ATM Circular Feb 10, 2025	Mar 1, 2025	🚨 Surcharge added
Card	Standard card issuance / replacement	₦1,500	Customer	Exposure Draft Apr 21, 2026	May 1, 2026	🚨 Increased
Card	Monthly card maintenance (naira)	SCRAPPED ₦0	N/A	Exposure Draft Apr 21, 2026	May 1, 2026	Eliminated
Card	Virtual card issuance	FREE	N/A	Exposure Draft Apr 21, 2026	May 1, 2026	✅ Free
POS	Customer card payment to merchant	FREE to customer	Merchant pays MSC	Guide 2020 / 2026 Draft	Jan 2020	✅ Customer free
POS	Merchant Service Charge (MSC)	0.5% max ₦10,000	Merchant	Exposure Draft Apr 21, 2026	May 1, 2026	🚨 Cap updated
Account Maintenance	CAMF (current accounts only)	₦0.50 per ₦1,000 (2026) → ₦0 (2027)	Current account holder	Exposure Draft Apr 21, 2026	May 1, 2026	⇩ Phasing to zero
SMS Alerts	Mandatory SMS (customer-initiated)	Cost recovery only	Customer	Exposure Draft Apr 21, 2026	May 1, 2026	— Cost recovery only
Email Alerts	All email transaction alerts	FREE	N/A	Exposure Draft Apr 21, 2026	May 1, 2026	✅ Free
Cash Deposit	All deposit amounts	FREE — No limits	N/A	CBN Cashless Policy Revision	2025	✅ Free (limits removed)
Account Reactivation	Dormant account reactivation	FREE	N/A	Exposure Draft Apr 21, 2026	May 1, 2026	✅ Free
Statement	Monthly statement (all accounts)	FREE	N/A	Guide 2020 / 2026 Draft	Jan 2020	✅ Free
Token	Hardware security token	Max ₦2,500 (cost recovery)	Customer	Guide 2020 / 2026 Draft	Jan 2020	⇩ Reduced max
Bills Payment	Utility / subscription via electronic channel	Max ₦500	Customer	Guide 2020 / 2026 Draft	Jan 2020	— Unchanged
This master table reflects verified charges from CBN’s April 21, 2026 Exposure Draft, February 10, 2025 ATM circular, January 2020 Guide, FIRS NTA 2025, and CBN Cashless Policy revisions. All amounts are exclusive of 7.5% VAT unless stated otherwise. VAT applies to most bank charges except government levies (Stamp Duty).

📌 Section N: CBN Circular Reference Registry

Every primary regulatory document that governs Nigerian bank charges. These are the documents to cite when disputing illegal charges.

Document Name	Date Issued	Effective Date	Signed By	Key Provisions	Official Link / Reference
Exposure Draft — Guide to Charges by Banks and Other Financial Institutions, Nigeria 2026	April 21, 2026	May 1, 2026	Dr. Rita I. Sike, Director, Financial Policy & Regulation	Card fee ₦1,500; card maintenance scrapped; MSC capped ₦10,000; CAMF phase-down; APR mandatory; account reactivation free; email alerts free; no charges beyond available balance	BusinessDay April 25, 2026
Review of Automated Teller Machine Transaction Fees	February 10, 2025	March 1, 2025	CBN Financial Policy & Regulation	On-us ATM free; not-on-us on-site ₦100/₦20,000; off-site ₦100+₦500 surcharge; ₦60,000 daily not-on-us cap; disclosure required before off-site charge	CBN FAQ PDF (Official)
Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions 2020	January 1, 2020	January 1, 2020	CBN (Director, Financial Policy)	Transfer fee structure (₦10/₦50); CAMF rules; card fees (now superseded); POS MSC merchant-only; statement rules; SMS cost-recovery	CBN Official PDF
Nigeria Tax Act 2025 — Stamp Duty Provisions (formerly EMTL)	Late 2025 (enacted)	January 1, 2026	FIRS (Federal Inland Revenue Service)	EMTL renamed Stamp Duty; sender now pays ₦50 (was recipient); ₦10,000 threshold unchanged; flat ₦50 regardless of amount; own-account transfers exempt	TheCable — NTA 2025 implementation
CBN Mandatory Failed Transaction Reporting Directive	April 21, 2026	May 2026 (monthly)	Dr. Rita I. Sike, CBN	Banks must submit monthly reports on all failed ATM, POS, mobile, web, and other channel transactions. CCO and Head of IT must jointly sign reports.	Punch NG April 2026
CBN Mandatory Dual POS Connectivity Circular	December 11, 2025	January 2026	CBN	All POS acquirers must maintain NIBSS + UPSL dual connections with automatic failover. Periodic testing mandatory.	Mondaq Nigeria Fintech Review
CBN ATM Refund Standards Directive	October 2025	Phased (full 2028)	CBN Consumer Protection	On-us ATM failure: 24-hour refund. Not-on-us: 48-hour refund. No charges on failed transactions. ATMs must display fees upfront.	Blueprint NG October 2025
This registry is maintained and updated as new CBN circulars are issued. Submit new circular notifications via Daily Reality NG Contact page.

🚫 Section O: Charges Banks CANNOT Legally Impose

If you see these on your statement: they are illegal. You have the right to dispute them.

Illegal Charge	Why It’s Illegal	What to Do	CBN Source
Monthly maintenance fee on naira debit/credit card	Eliminated by CBN Exposure Draft effective May 1, 2026. Previously ₦50/month + VAT.	Request reversal from bank citing CBN 2026 guide. Escalate to cpd@cbn.gov.ng if refused.	Exposure Draft April 21, 2026
Charging customer for POS card payment (surcharging)	Merchant Service Charge must be borne by merchant only. Customer pays zero.	Refuse to pay. Report merchant and their bank to CBN at cpd@cbn.gov.ng.	CBN Guide 2020 / 2026 Exposure Draft
Charging for email transaction alerts	Email alerts must be provided free of charge. No exception under 2026 guide.	Contact bank, demand reversal. Cite CBN 2026 Exposure Draft provisions on transaction alerts.	CBN Exposure Draft April 21, 2026
Account reactivation fee	Explicitly free under CBN 2026 guide. Dormant account reactivation cannot be charged.	Demand waiver before proceeding. Escalate to CBN if bank insists on charging.	CBN Exposure Draft April 21, 2026
Charging fees that push account balance below zero	CBN requires non-credit charges to be deferred until account has sufficient funds.	Request reversal of any debit that created a negative balance from fee deduction alone.	CBN Exposure Draft April 21, 2026
SMS alert fee exceeding actual telecom cost	SMS alerts charged on cost-recovery only. Bank cannot profit from alert fees.	Request itemised breakdown. If fee exceeds actual telecom cost, dispute and report.	CBN Exposure Draft April 21, 2026
New fee not in CBN guide without prior CBN written approval	Banks cannot create new fees without CBN prior written approval.	Ask your bank to provide the CBN approval reference for any unrecognised fee. Report to CBN if none exists.	CBN Guide 2020 / 2026 Exposure Draft
Charge on failed transaction	CBN directs that banks cannot charge for transactions that failed due to system errors.	Screenshot the failed transaction and charge. Report immediately to your bank with escalation to CBN if not refunded.	CBN April 21, 2026 Exposure Draft
If you find a charge not on this illegal list but also not in Sections A–L of this database, it may still be illegal. Email Daily Reality NG at our Contact page and we will research it. Also see our complete guide: Hidden Bank Charges Nigeria Explained.

💬 Section P: How to Dispute an Illegal Bank Charge — Step by Step

Use these exact steps and cite the exact CBN circular reference when disputing. That specificity is what forces banks to act.

① Screenshot immediately

Screenshot the charge on your statement or transaction history showing date, amount, and description. Note any reference number visible.

② Identify the CBN rule violated

Use Sections O and N of this database to find the specific CBN circular that prohibits the charge. Note the exact circular name and date.

③ Contact bank with citation

Contact bank customer care (Twitter/X DM fastest) stating: “This charge [AMOUNT] on [DATE] violates CBN [CIRCULAR NAME]. I am requesting immediate reversal and a complaint reference number.”

④ Demand reference number

Do not end the conversation without a complaint reference number. This is your legal record for any escalation. Insist until you receive it.

⑤ Escalate to CBN if unresolved (14 days)

Email cpd@cbn.gov.ng with: your bank’s complaint reference number, amount, date, screenshot, and your statement that the charge violates the specific CBN circular named.

⑥ FCCPC for consumer rights violations

For systemic or repeat violations (same illegal charge across multiple customers), report to FCCPC at fccpc.gov.ng/complaint. FCCPC recovered ₦10B for consumers in 2025.

📲 Section Q: USSD Transfer Codes by Bank — No Internet Required

Transfer fees still apply via USSD. Stamp Duty applies to USSD transfers of ₦10,000+. These are the official codes.

Bank	Main USSD Code	Transfer Format	Balance Check	Airtime Self	Card Block	Verified Source
GTBank	*737#	*737*1*Amount*AccountNo#	*737*0#	*737*2*Amount#	*737# → Security	GTBank Official
Zenith Bank	*966#	*966*Amount*AccountNo#	*966*0#	*966*Amount#	*966*911#	Zenith Official
Access Bank	*901#	*901*Amount*AccountNo#	*901*5#	*901*Amount#	*901# → Security	Access Bank Official
First Bank	*894#	*894*Amount*AccountNo#	*894*00#	*894*Amount#	*894# → Security	First Bank Official
UBA	*919#	*919*3*AccountNo*Amount#	*919*00#	*919*5*Amount#	*919# → Freeze	UBA Official
FCMB	*329#	*329*Amount*AccountNo#	*329*0#	*329*Amount#	*329# → Security	FCMB Official
Fidelity Bank	*770#	*770*Amount*AccountNo#	*770*0#	*770*Amount#	*770# → Security	Fidelity Official
Union Bank	*826#	*826*Amount*AccountNo#	*826*0#	*826*Amount#	*826# → Security	Union Bank Official
Stanbic IBTC	*909#	*909*1*Amount*AccountNo#	*909*00#	*909*2*Amount#	*909# → Block Card	Stanbic IBTC Official
Wema Bank	*945#	*945*Amount*AccountNo#	*945*0#	*945*Amount#	*945# → Security	Wema Official
Sterling Bank	*822#	*822*Amount*AccountNo#	*822*0#	*822*Amount#	*822# → Security	Sterling Official
USSD transfers are electronic transfers — all transfer fees and Stamp Duty rules apply. Always dial from your registered phone number. Never share your USSD PIN. Screenshot this table and save offline.

❓ FAQ — 15 Questions About Nigerian Bank Fees Answered

How much does a bank transfer cost in Nigeria 2026?

Electronic transfer fees: free for ₦5,000 and below; ₦10 for ₦5,001–₦50,000; ₦50 above ₦50,000. Plus ₦50 Stamp Duty on transfers ≥₦10,000 (paid by sender from January 1, 2026). Plus 7.5% VAT on the transfer fee. A ₦50,000 transfer costs you ₦50,000 + ₦10 + ₦0.75 VAT + ₦50 Stamp Duty = ₦50,060.75 total.

What is the ATM withdrawal charge in Nigeria 2026?

Own-bank ATM (on-us): FREE. Another bank’s ATM inside or near a branch (on-site): ₦100 per ₦20,000 withdrawn. Another bank’s ATM at malls, petrol stations, public areas (off-site): ₦100 per ₦20,000 PLUS up to ₦500 surcharge. Effective March 1, 2025 per CBN circular dated February 10, 2025.

What is the ATM card fee in Nigeria 2026?

Standard naira debit/credit card issuance or replacement: ₦1,500 (increased from ₦1,000). Effective May 1, 2026. Virtual cards: FREE. Premium cards: negotiable. Monthly naira card maintenance fee: SCRAPPED (was ₦50/month). FCY cards: $10/year (unchanged). Source: CBN Exposure Draft April 21, 2026.

What is EMTL / Stamp Duty in Nigeria?

The ₦50 government levy on electronic transfers of ₦10,000+. From January 1, 2026 (NTA 2025), it’s called Stamp Duty and the SENDER now pays it. Previously it was deducted from the RECIPIENT. It goes to FIRS (federal government) — your bank keeps nothing. Transfers under ₦10,000 are exempt. Own-account transfers (same BVN) are exempt.

Do customers pay POS charges in Nigeria?

NO. Customers pay ZERO for POS card payments to merchants. The Merchant Service Charge (0.5%, capped at ₦10,000 under CBN 2026 guide) is paid by the merchant exclusively. If any merchant or POS agent charges you for using your card at their terminal, they are violating CBN rules. Report to your bank and CBN at cpd@cbn.gov.ng.

What is CAMF and who pays it?

CAMF (Current Account Maintenance Fee) applies ONLY to current accounts. Not savings accounts. In 2026 it is capped at ₦0.50 per ₦1,000 of customer-initiated debit transactions to third parties. It will be reduced to ZERO in 2027. Savings account holders have NEVER legally been subject to CAMF. If your savings account is being charged a monthly maintenance fee, dispute it immediately.

Are SMS alert charges legal in Nigeria?

Banks may charge for mandatory SMS alerts on customer-initiated transactions but ONLY at cost-recovery basis (actual telecom cost, no profit). Email alerts must be completely FREE. Bank-initiated alerts (interest credits, fee deductions) must be free. If your bank charges more than the actual SMS cost, or charges for email alerts at all, those charges violate CBN 2026 guidelines.

What are the cash withdrawal limits in Nigeria 2026?

Individuals: ₦500,000 per week across all channels. Corporates: ₦5,000,000 per week. Excess above limits: 3% (individual) or 5% (corporate) charge shared between CBN and bank. There are NO deposit limits — all deposit limits and deposit charges have been completely eliminated. POS agent daily cash-out cap: ₦1,200,000 total per agent per day (CBN April 2026).

Can I be charged to reactivate a dormant account?

No. Account reactivation is explicitly free under CBN 2026 guidelines. Banks cannot charge to reactivate a dormant or inactive account. If your bank demands payment for account reactivation, cite the CBN Exposure Draft April 21, 2026, and escalate to CBN at cpd@cbn.gov.ng if the bank refuses to proceed for free.

What charges are completely illegal under CBN 2026 rules?

Illegal charges include: monthly naira card maintenance fee (scrapped); POS surcharge to customers; email alert charges; account reactivation fees; charges that push account below zero without deferment; SMS alert fees above actual telecom cost; any new fee not in CBN guide without prior CBN written approval; charges on failed transactions. All of these are grounds for immediate refund demand and CBN escalation.

How do I dispute an illegal bank charge in Nigeria?

(1) Screenshot the charge with date, amount, description. (2) Find the specific CBN circular that prohibits it (use Section N of this database). (3) Contact bank customer care citing the circular by name and date, demand reversal and a complaint reference number. (4) If unresolved within 14 days, email cpd@cbn.gov.ng with all documentation. (5) For systemic violations, report to FCCPC at fccpc.gov.ng/complaint.

What is the difference between bank charges and government levies?

Bank charges (transfer fee, card fee, CAMF, SMS fee) go to the bank and are regulated by CBN. Government levies (Stamp Duty/EMTL: ₦50; VAT: 7.5%) go to FIRS/federal government — banks only collect them on FIRS’s behalf. The bank keeps none of the ₦50 Stamp Duty. This is why your statement may show multiple deductions on a single transfer: the transfer fee, VAT on the fee, and Stamp Duty are three legally distinct charges going to different entities.

What is APR and why is it now mandatory for Nigerian bank loans?

APR (Annual Percentage Rate) is the true annual cost of a loan including all fees, charges, and interest expressed as a single percentage. The CBN 2026 Exposure Draft mandates that all loan products disclose APR before disbursement. This eliminates the practice of quoting a low interest rate while hiding origination fees, processing fees, and other charges that make the real cost much higher. Under APR disclosure, you can now legally demand the total annual cost of any loan before accepting it.

Are USSD transfers subject to Stamp Duty?

Yes. The channel does not determine Stamp Duty — the transaction value does. USSD transfers are electronic transfers. A USSD transfer of ₦10,000+ is subject to ₦50 Stamp Duty paid by the sender, exactly like app or internet banking transfers. The only exemptions are: transfers under ₦10,000, and transfers between your own accounts with matching BVN/NIN at the same institution.

What happens to bank fees in 2027 in Nigeria?

Under the CBN 2026 Exposure Draft, the Current Account Maintenance Fee (CAMF) is scheduled to reduce to ZERO by 2027. This means current account holders will pay no maintenance fee from 2027. Virtual cards will remain free. The transfer fee structure (₦10/₦50) has not been scheduled for change. The Stamp Duty/EMTL and VAT are government-mandated, not bank-controlled, so they require legislative change to remove.

💬 15 Questions for Daily Reality NG Readers — Share Your Experience

1. Has your bank ever charged you a fee that disappeared from your statement when you challenged it? Which bank and what was the charge?
2. Since the naira card maintenance fee was scrapped on May 1, 2026, has your bank actually stopped charging it — or is it still appearing on your statement?
3. Have you ever successfully disputed an illegal bank charge in Nigeria using a CBN circular? What was your experience?
4. Which Nigerian bank do you think is the most transparent about its fee structure — and which is the worst?
5. Did you know before reading this page that the Stamp Duty (₦50) goes entirely to FIRS and your bank keeps none of it?
6. If you are a business owner, how much do you estimate you paid in Stamp Duty across all staff salary transfers in the last 12 months?
7. Have you experienced being charged for a failed transaction that your bank then refused to reverse? How did you resolve it?
8. Do you know what interest rate your savings account currently pays? Have you checked if it meets the CBN minimum of 30% of MPR?
9. Has a POS agent or merchant ever charged you extra to use your card? Did you pay, or did you push back?
10. Were you aware that intra-bank transfers (within the same bank, same BVN) attract zero transfer fee AND zero Stamp Duty?
11. Which costs you more per year — your bank charges, or the opportunity cost of keeping money in a savings account earning below-inflation rates?
12. Have you ever escalated a bank charge dispute to CBN at cpd@cbn.gov.ng? Did you get a response and a refund?
13. Do you think the new APR disclosure mandate will actually change how Nigerian banks pitch business loans — or will they find workarounds?
14. Before this page, did you know the difference between the bank’s transfer fee (goes to bank), VAT on that fee (goes to FIRS), and Stamp Duty (also goes to FIRS)?
15. What is the most outrageous bank charge you have ever been charged in Nigeria? Share it in the comments so we can research whether it was legal.

Chiamaka from Onitsha had ₦1,050 deducted from her account in April 2026, accepted the explanation “standard charges,” and moved on. If she returns to her bank with this database, cites the CBN Exposure Draft of April 21, 2026, and demands reversal of the card maintenance fee specifically — she will very likely get at least ₦50 back. Multiplied across millions of Chiamakas across Nigeria, the gap between what banks are allowed to charge and what they actually charge is billions of naira. This database was built to close that gap, one disputed charge at a time. Thank you for reading it. Share it with every Nigerian you know who has ever been confused by a bank deduction.

— Samson Ese  |  Founder & Editor-in-Chief, Daily Reality NG  |  Warri, Delta State

How This Database Was Built: Every fee in this database was verified against at least two independent published sources before being entered. Primary CBN circulars were read in full. Amounts were cross-referenced against multiple Nigerian publications and official bank pricing guides. Where any ambiguity existed, the more conservative (lower) figure was used and the ambiguity was noted. This database does not quote any fee from memory, AI knowledge, or unverified secondary sources.

Daily Reality NG publishes no advertising, receives no funding from any bank or fintech platform, and has no commercial relationship with any institution in this database. This database is editorially independent.  |  Editorial Policy  |  Research & Data Sources

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Samson Ese

Founder & Editor-in-Chief | Daily Reality NG | Maritime Academy of Nigeria, Oron (2020) | Warri, Delta State

I built this database because I am tired of watching Nigerians get overcharged by banks that are counting on their customers not knowing the rules. Every CBN circular is a public document. Every fee limit is published. The gap between what banks are allowed to charge and what they actually charge is closed by Nigerians who know their rights — and citing the specific circular is the single most effective tool for forcing banks to reverse illegal charges. This page was built to give every Nigerian that tool.

👤 Full Profile 💋 Submit a Charge Query 𝕏 Twitter/X

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Daily Reality NG updates this database every time CBN issues a new circular. Subscribe to be notified immediately — so you know your rights before your bank charges you under new rules.

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Disclosure: This database is based on publicly available CBN circulars, FIRS regulations, and verified journalism. It is for informational purposes only and does not constitute legal or financial advice. Bank charges are subject to change when CBN issues new circulars. Always verify with your specific bank and the CBN website before taking action. Daily Reality NG has no commercial relationship with any bank or fintech platform mentioned in this database.

© 2025–2026 Daily Reality NG  |  CBN Fees Database  |  Last Updated: June 2, 2026  |  Updated monthly as new circulars are issued

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About Daily Reality NG

Independent Nigerian digital publication from Warri, Delta State. No advertisers. No sponsors. All CBN fee data sourced from primary circulars and verified journalism. Founded October 2025 by Samson Ese.

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