The Central Securities Clearing System (CSCS) has announced a fresh round of fee reductions aimed at making Nigeria’s capital market more accessible to retail investors and reducing the cost of doing business for market intermediaries. The changes include a 50 per cent cut in retail lien fees, free securities transfers between immediate family members and the removal of some broker-related charges.
Under the new pricing structure, CSCS cuts retail lien fees from 0.25 per cent to 0.125 per cent for transactions below N100 million. The clearing system also removed the 0.3 per cent charge previously imposed on nominal securities transfers between immediate family members, including spouses, parents, children, siblings and step-children.
The latest move goes beyond retail investors, with CSCS also scrapping broker code creation and renewal fees as well as eligibility fees payable by brokers operating across the Nigerian Exchange (NGX), NASD and Lagos Commodity and Futures Exchange (LCFE). Previously, broker code creation and renewal attracted N145,600 plus 7.5 per cent VAT, while eligibility fees stood at N36,400 plus VAT.
CSCS said the adjustments are designed to reduce transaction friction, lower operating costs and create more room for innovation among brokers and fintech companies. The company said its pricing and services must support greater participation, efficiency, innovation and liquidity, while technology and data will continue to play a major role in improving investor experience and financial inclusion.
The announcement comes roughly six months after CSCS carried out a broader review of its 2026 fee structure, which attracted mixed reactions from market operators. While some stakeholders welcomed the changes, others raised concerns that higher transaction costs could discourage new retail investors. The latest reductions therefore signal a renewed push to make securities ownership and transfers easier, as Nigeria seeks to deepen retail participation and strengthen its capital market.
source: Leadership
