Ecobank Nigeria has introduced a new fee structure for foreign currency transfers within its network, effective July 1, 2026. The lender will now charge 0.3% of the transfer amount plus a 7.5% Value Added Tax (VAT) on the fee. However, transfers to a customer's own Ecobank account are exempt from these charges.
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. 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.”
The bank advised customers to consider the revised fees when making foreign currency transfers. The new charges apply to transfers in currencies other than the Nigerian naira, commonly used for international trade, school fees, medical expenses, investments, and personal remittances.
Context and Related Developments
This move comes amid broader changes in Nigeria's foreign exchange landscape. The Central Bank of Nigeria (CBN) recently overhauled its foreign exchange regulatory framework, introducing stricter compliance measures. Under the revised guidelines, authorised dealer banks that process FX transactions without adequate documentation face a N100 million penalty, plus an additional N10 million for each non-compliant transaction. The CBN stated that these changes aim to enhance transparency, strengthen market discipline, and improve confidence in Nigeria's foreign exchange market.
Meanwhile, the naira has shown mixed performance across different markets. According to Legit.ng, the naira gained N16 against the US dollar at GTBank's FX counter, closing at N1,347/$1 compared to N1,363/$1 the previous day. In the parallel market, the naira strengthened by N20 to N1,370/$1 from N1,390/$1.
Understanding Foreign Currency Transfers
Foreign currency transfers allow customers to move money in various currencies besides the naira. These transactions are vital for international trade, school fees, medical expenses, investments, and personal remittances. GTBank's customer advisory on foreign currency transfers notes: “Foreign Currency Transfers involve sending and receiving money in currencies other than the local currency. When receiving funds from abroad into your domiciliary account, ensure that you provide accurate and detailed information on the transfer instruction to ensure a smooth and satisfactory transfer experience. We support multiple currencies, including United States Dollars (USD), Great Britain Pounds (GBP).”
