Bank Transfer Charges in Nigeria (November 2026): Free Up to ₦5,000, Then ₦10 or ₦50 — Plus the ₦50 Stamp Duty Senders Now Pay

Two different charges now appear on many Nigerians’ bank statements when they send money: the bank’s own transfer fee and the ₦50 stamp duty. They come from different rules, they kick in at different amounts, and one of them changed who pays at the start of the year.

This guide explains both, using the CBN’s 2026 Guide to Charges and the stamp duty change that took effect with the new tax laws. It also shows worked examples, so you can check that your bank is not charging more than it should.

Bank Transfer Fees at a Glance (CBN 2026 Guide)

The new guide replaced the January 2020 version. Under the old guide, transfers up to ₦5,000 cost ₦10, ₦5,001 to ₦50,000 cost ₦25, and above ₦50,000 cost ₦50. The 2026 guide made small transfers free and cut the middle band from ₦25 to ₦10, which is the band most everyday transfers fall into.

The ₦50 Stamp Duty: Who Pays It Now

From 1 January 2026, under the new tax laws, banks began charging a ₦50 stamp duty to the sender of electronic transfers of ₦10,000 and above. Before that, a ₦50 charge (the Electronic Money Transfer Levy) was deducted from the receiver when money of ₦10,000 or more came into their account.

Banks sent notices to customers in December 2025 explaining the change. The main exemptions they listed were:

• Transfers below ₦10,000
• Salary payments
• Transfers between accounts in the same bank (intra-bank transfers)

The stamp duty is a government charge, not bank income. Your bank collects it and pays it to the tax authority.

What You Pay: Worked Examples

Two things stand out. First, ₦9,999 and ₦10,000 are very different: one naira more adds ₦50 of stamp duty. Second, the charges do not grow with the amount. Sending ₦1 million costs the same ₦100 as sending ₦50,001, so a single large transfer is far cheaper than several small ones.

What a Month of Transfers Costs

Other Charges You May See

• ATM withdrawals: free at your own bank’s ATM; ₦100 per ₦20,000 at another bank’s ATM, plus up to ₦500 per ₦20,000 at off-site machines. See our full guide to ATM withdrawal charges.
• USSD: when you transfer with a USSD code, your network charges a small fee per session, which your bank usually deducts from your account. It is separate from the transfer fee.
• SMS alerts: under the 2026 guide, banks may charge for SMS alerts only on a cost-recovery basis, and email alerts must be free.
• POS payments: paying a shop by card at a POS terminal should cost you nothing; the merchant pays the service charge. A POS agent’s cash-out fee is a different matter, set by the agent.
• Card fees: the ₦50 monthly naira card maintenance fee has been abolished, and a new or replacement card costs up to ₦1,500.

How to Pay Less on Transfers

1. Keep small transfers under ₦5,000 where it makes sense. They are free from your bank, and below ₦10,000 there is no stamp duty.
2. Avoid splitting large payments. One ₦200,000 transfer costs ₦100; four ₦50,000 transfers cost ₦240.
3. Use the same bank as the person you pay often. Intra-bank transfers are exempt from stamp duty, and many banks do not charge a fee for them.
4. Stop just below ₦10,000 when you can. Sending ₦9,500 instead of ₦10,000 saves ₦50 of stamp duty.
5. Check your statement every month. If you see a fee above the CBN maximum, ask your bank to reverse it in writing, and escalate to the CBN’s consumer protection department if it refuses.

If a transfer fails or goes to the wrong account, the fees should be reversed along with the money. See our guide to getting money back from a failed or wrong transfer.

Frequently Asked Questions

Is it cheaper to send ₦9,999 than ₦10,000?

Yes. ₦9,999 to another bank costs at most ₦10, while ₦10,000 costs up to ₦60 because the ₦50 stamp duty starts at ₦10,000.

Are transfers under ₦5,000 free now?

Yes. Under the CBN’s 2026 Guide to Charges, in force since 1 May 2026, banks may not charge a fee for interbank transfers of up to ₦5,000.

Why do I see two charges for one transfer?

One is your bank’s transfer fee (up to ₦10 or ₦50). The other is the ₦50 stamp duty, a government charge the bank collects from the sender on transfers of ₦10,000 or more.

How much is the bank transfer charge in Nigeria in 2026?

Under the CBN’s 2026 guide: free up to ₦5,000, a maximum of ₦10 from ₦5,001 to ₦50,000, and a maximum of ₦50 above ₦50,000.

Who pays the ₦50 stamp duty on transfers?

The sender, since 1 January 2026, on transfers of ₦10,000 and above. Before then, a ₦50 levy was deducted from the receiver.

Is there stamp duty on transfers below ₦10,000?

No. Transfers below ₦10,000 are exempt.

Do I pay stamp duty when sending money to someone in the same bank?

No. Banks list intra-bank transfers among the exemptions.

Is salary subject to the ₦50 stamp duty?

No. Salary payments are exempt.

How much does it cost to send ₦100,000 to another bank?

Up to ₦100: a maximum ₦50 bank fee plus ₦50 stamp duty.

Sources

1. Central Bank of Nigeria – Guide to Charges by Banks and Other Financial Institutions in Nigeria (2026), circular of 21 April 2026 signed by the Director, Financial Policy and Regulation Department, in force from 1 May 2026
2. Central Bank of Nigeria – Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, effective 1 January 2020 (previous transfer fees)
3. Nigeria Tax Act 2025 – stamp duty on electronic transfers, in force from 1 January 2026, and banks’ customer notices of December 2025 on the change

Last updated: 8 November 2026 · NaijaSabi Finance Desk. Fees shown are the CBN’s maximums; check your own bank’s tariff. This is general information, not financial advice.