Here's the simple breakdown.
How much do banks charge for transfers?
Under the Central Bank of Nigeria (CBN) Guide to Charges, electronic transfer fees are:
| Amount transferred | Transfer fee |
|---|---|
| N5,000 or less | N10 |
| N5,001 - N50,000 | N25 |
| Above N50,000 | N50 |
These are the applicable CBN electronic-transfer charges.
For example, if you transfer ₦3,000, the transfer fee is ₦10. A ₦20,000 transfer attracts ₦25, while a ₦100,000 transfer attracts ₦50.
Then what is the extra ₦50 charge?
This is where many people get confused.
Your bank transfer fee and the ₦50 statutory charge on qualifying electronic transfers are different charges.
Nigeria's tax framework provides for a ₦50 charge on qualifying electronic transfers of ₦10,000 and above.
From January 2026, banks informed customers that this stamp-duty charge would be borne by the sender, with exemptions applying in some cases, including qualifying same-bank self-transfers.
So if you send ₦100,000, you may see:
Transfer fee: ₦50
Statutory charge: ₦50
That can make the total deductions associated with the transfer ₦100, even though the bank's electronic-transfer fee itself is only ₦50.
What about transfers below ₦10,000?
The ₦50 statutory charge applies from the qualifying ₦10,000 threshold, so a smaller transfer may still attract the normal CBN electronic-transfer fee without attracting that separate ₦50 statutory charge.
For example:
₦5,000 transfer → ₦10 transfer fee
₦8,000 transfer → ₦25 transfer fee
₦20,000 transfer → ₦25 transfer fee + potentially the separate ₦50 statutory charge
The distinction is important because not every deduction you see after sending money is the bank's transfer fee.
What should you do if you're charged incorrectly?
Check your transaction history first and look at how each deduction is described.
If a charge doesn't match what you expected, contact your bank or financial institution and ask for an explanation. Keep the transaction reference, amount, date and any debit notifications.
CBN consumer guidance also emphasizes customers' right to information about banking charges.
The simple answer
For electronic bank transfers in Nigeria:
₦5,000 or less - ₦10
₦5,001–₦50,000 - ₦25
Above ₦50,000 - ₦50
And remember: the separate ₦50 statutory charge on qualifying transfers is not the same thing as your bank's transfer fee.
Note: This article is for general financial education. Banking charges and tax rules can change, so check current information from your financial institution and the relevant regulator.