Ecobank introduces 0.3% charge plus VAT on foreign currency transfers from July 2026
By Aboki Forex —
Ecobank Nigeria has announced new charges on foreign currency transfers within its network, effective July 1, 2026. Customers will now pay a fee of 0.3% of the transfer amount, plus 7.5% Value Added Tax (VAT) on the fee.
Transfers to a customer's own Ecobank account are exempt from the new charges. The bank advised customers to consider the revised fees when initiating foreign currency transfers.
Details of the new charges
In a customer advisory, Ecobank 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.”
The bank added: “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.”
Foreign currency transfers allow customers to move money in currencies other than the naira, including US dollars, British pounds, and euros. These transactions are commonly used for international trade, school fees, medical expenses, investments, and personal remittances.
Broader FX regulatory changes
In a related development, the Central Bank of Nigeria (CBN) has overhauled its foreign exchange regulatory framework. The revised provisions are contained in the Fourth Edition of the Foreign Exchange Manual, the first comprehensive update in almost 10 years.
The CBN has introduced stricter compliance measures, including a N100 million penalty for banks that process FX transactions without the required documentation. An additional N10 million penalty applies for each non-compliant transaction.
According to the CBN, the changes aim to enhance transparency, strengthen market discipline, and improve confidence in Nigeria's foreign exchange market.
What this means for the naira and consumers
The new Ecobank charges and the CBN's stricter FX framework signal a push for greater discipline in Nigeria's foreign exchange market. For consumers and businesses, the added cost on intra-bank foreign currency transfers may increase the expense of sending money abroad for school fees, medical bills, or trade. However, the exclusion of transfers to a customer's own account provides some relief for those managing their own domiciliary accounts.