The Central Bank of Nigeria (CBN) has released a draft of its revised Guide to Charges by Banks and Other Financial Institutions, 2026, introducing sweeping changes aimed at improving transparency, protecting consumers, and modernising Nigeria’s financial system.
In a circular dated April 21, 2026, the apex bank said the updated framework is part of broader reforms to strengthen financial stability, expand financial inclusion, and accelerate the adoption of digital financial services. The document was signed by Rita Sike, Director of the Financial Policy and Regulation Department.
According to the CBN, the revised guide represents a shift toward a more transparent and consumer-friendly banking environment. It replaces the 2020 version, which the regulator says no longer reflects current market realities and evolving digital finance trends.
The bank stated that the review aligns with its mandate to promote a safe and sound financial system while encouraging innovation. The updated framework expands the range of financial services covered, strengthens oversight responsibilities, and introduces measures to make banking charges clearer and more predictable for customers.
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A central feature of the draft guidelines is the introduction of structured caps on common banking charges.
Under the proposal, electronic fund transfers will be significantly standardised. Interbank transfers between N5,000 and ₦50,000 will attract a maximum fee of N10, while transactions above N50,000 will be capped at N50. Transfers below N5,000 will remain free, a move expected to encourage low-value digital transactions.
ATM withdrawal fees have also been harmonised. Customers using another bank’s ATM will pay N100 per N20,000 withdrawn on on-site machines. Off-site withdrawals will incur the same N100 fee plus an additional surcharge of up to N500 per N20,000.
For merchants, the CBN has proposed a cap of 0.5 percent per transaction on service charges, subject to a maximum of N10,000. This is designed to reduce the cost burden on businesses and promote wider acceptance of digital payments.
Stricter loan disclosure rules
Beyond transaction fees, the draft introduces stricter requirements for loan transparency. Financial institutions will now be required to disclose all lending costs using the Annual Percentage Rate (APR) framework.
This means that all interest rates must include every applicable fee and be communicated clearly to customers as a single annualised rate. The policy is intended to eliminate hidden charges and give borrowers a clearer understanding of the true cost of credit.
While the guide allows certain charges to remain negotiable, it places firm limits on how this flexibility can be applied. Banks must inform customers of their right to negotiate fees and ensure that any agreed charges do not exceed the maximum thresholds set by the regulator.
The CBN has opened the draft for public consultation, inviting stakeholders to submit feedback before final adoption. Comments are to be sent to the bank’s Policy and Regulation Division, with a deadline of May 8, 2026.
Once finalised, the new guide will replace the 2020 version and could take effect as early as May 1, 2026, although implementation will depend on the outcome of stakeholder consultations.