CSCS Announces Sweeping 2026 Fee Increases for Nigerian Capital Market
Nigeria's Central Securities Clearing System (CSCS) has unveiled a comprehensive revision of its fee structure for 2026, introducing significant hikes across transaction costs, onboarding charges, and custody-related services. This overhaul includes new service categories such as API monetisation and investor segmentation tiers, reflecting a strategic move to boost revenue and align charges with transaction value and market activity.
Key Fee Adjustments Under the New Structure
The revised schedule shows steep increases in several core market charges, with some adjustments running into thousands of percentage points. Notable changes include:
- OTC trade fees surged from N15 per million to N500 per million, representing a dramatic 3,233% rise.
- Custody charges shifted from a flat fee of N1,300 to 0.03% of transaction value, adopting an asset-based pricing model.
- Custodian code creation increased from N72,800 to N250,000.
- Settlement bank onboarding rose from N15.6 million to N25 million.
- Corporate onboarding climbed from N20,000 to N100,000.
- Margin account onboarding increased from N50,000 to N200,000.
- Renewal fees across multiple categories saw significant hikes.
Retail-facing services were also affected, though with comparatively smaller increases. For instance, stock statements rose from N700 to N1,000, while changes to account details and related services increased from N1,000 to N3,000.
Implications of the New Fee Structure
Market analysts suggest that this new pricing plan could reshape cost dynamics in Nigeria's capital market. It is expected to increase operational costs for brokers and investors, potentially strengthening CSCS's revenue base. However, concerns persist that higher fees might weigh on trading activity and market participation if not balanced with efficiency gains and improved service delivery.
In related market news, the Nigerian stock market opened the new week on a positive note, with the overall capitalisation rising to N131.609 trillion. The NGX All-Share Index gained 688.43 points to close at 204,458.86 points, marking a 0.34% increase.
Additionally, Aliko Dangote is preparing to list his $20 billion refinery on the Nigerian Exchange in 2026, offering Nigerians the opportunity to buy shares in naira while earning dividends in US dollars. This innovative structure aims to provide local investors with access to a dividend stream previously available primarily to global investors, potentially reshaping investment strategies in a volatile currency environment.
