Ecobank now charges 0.3% + 7.5% VAT for intra-bank foreign currency transfers. Transfers to the customer's personal Ecobank account are exempt from the increased fees. The bank warned customers to consider the revised fees when conducting foreign currency transfers. Customers moving foreign currency across Ecobank's network in Nigeria will now face additional charges, as the lender has revised its price for the service, which will take effect on July 1, 2026.
In a statement to its customers, Ecobank stated that while customers will now pay a 0.3% fee on the amount of their foreign currency transfers within Ecobank, the fee will also be subject to a 7.5% Added Tax (VAT). The bank, however, emphasized that transfers to a customer’s personal Ecobank accounts will not be subject to these penalties.
The consumer advice stated: “Dear valued customer, please be informed that effective 1 July 2026, Foreign Currency transfers within Ecobank will attract a charge of 0.3% of the transfer amount, plus 7.5% VAT on the applicable charge.
“Please note that transfers to your own Ecobank account are excluded from these charges. “We encourage you to take note of this update when initiating Foreign Currency transfers within Ecobank.”
In a related event, the Central Bank of Nigeria (CBN) has revamped its foreign exchange regulatory framework, adopting harsher compliance requirements, including a N100 million penalty for banks that handle foreign exchange (FX) transactions without the requisite documentation.
The Foreign Exchange Manual's Fourth Edition, the first thorough revision to the guidelines in nearly a decade, includes the updated restrictions. The CBN claims that the modifications are meant to boost market discipline, increase transparency, and boost trust in Nigeria's foreign exchange market.
Authorized dealer banks that execute foreign exchange transactions without sufficient paperwork will be subject to a N100 million penalty under the new framework, in addition to an extra N10 million penalty for each non-compliant transaction.
