The Central Bank of Nigeria (CBN) has unveiled a draft version of its revised Guide to Charges by Banks and Other Financial Institutions, 2026, introducing new caps on banking fees and stricter disclosure requirements across the financial system.
The apex bank said the revised framework is part of broader efforts to strengthen financial stability, improve transparency and accelerate the adoption of digital financial services in Nigeria.
In a circular dated April 21, 2026, the CBN explained that the updated guide reflects a policy shift toward a more consumer-friendly banking environment.
The circular was signed by the Director of the Financial Policy and Regulation Department, Rita Sike.
According to the bank, the revision aligns the existing 2020 guide with current realities in the financial sector.
“In furtherance of the mandate to promote a safe and sound financial system in Nigeria, accelerate the adoption of innovative financial services, financial inclusion and micropayments/transactions, the Central Bank of Nigeria has reviewed the extant Guide to Charges,” the circular stated.
The apex bank added that the updated framework expands the range of financial services covered while encouraging innovation and strengthening accountability among financial institutions.
A major highlight of the proposed guidelines is the introduction of structured caps on several banking charges.
Under the draft rules, electronic funds transfer fees will be capped at ₦10 for interbank transfers between ₦5,000 and ₦50,000. Transfers above ₦50,000 will attract a maximum charge of ₦50, while transactions below ₦5,000 will remain free.
Automated teller machine withdrawals have also been standardised. Customers withdrawing cash from another bank’s ATM will pay ₦100 per ₦20,000 when using on-site machines.
For off-site ATMs, withdrawals will attract a charge of ₦100 plus an additional surcharge of up to ₦500 per ₦20,000 withdrawn.
In addition, the guide caps merchant service charges at 0.5 per cent per transaction, subject to a maximum fee of ₦10,000. The move is expected to reduce the cost of digital payment services for businesses and consumers.
Beyond transaction charges, the CBN is introducing stricter rules for lending transparency.
The draft guideline requires banks and other financial institutions to disclose the total cost of loans using the Annual Percentage Rate framework, ensuring that all lending-related charges are clearly communicated to customers.
According to the document, “all interest/lending rates, inclusive of all applicable fees, shall be quoted and communicated to customers strictly on an Annual Percentage Rate basis.”
The regulator said the requirement is aimed at curbing hidden charges and helping borrowers better understand the true cost of credit.
While the framework allows some charges to remain negotiable between banks and customers, the CBN emphasised that such arrangements must not exceed the stipulated maximum thresholds.
“Where a charge is stipulated as negotiable, financial institutions are required to draw the attention of customers to their rights to negotiate,” the document noted.
The central bank has opened the draft guidelines for public comments as part of its stakeholder engagement process.
Interested stakeholders have until May 8, 2026, to submit feedback to the CBN’s Policy and Regulation Division.
Once finalised, the revised guide will replace the 2020 version and may take effect from May 1, 2026.
Industry analysts say the proposed changes represent a significant shift toward greater cost transparency, standardisation of banking fees and stronger consumer protection within Nigeria’s financial system.
