Why bank transfers above ₦10,000 will cost ₦60 under CBN’s new guide

The Central Bank of Nigeria (CBN) says it wants to eliminate fees on transactions below ₦5,000 ($3.68) and reduce charges on mid-tier payments to drop the cost of cashless payments.

Under a draft guide to charges by banks and other financial institutions dated April 21, 2026, inter-bank transfers between ₦5,000 ($3.68) and ₦50,000 ($36.81) will now cost ₦10 ($0.007). 

Fees for…