CSCS Proposes Fee Cuts to Boost Nigeria's Capital Market

The Central Securities Clearing System (CSCS) in Nigeria is reviewing its fee structure, proposing a 50% reduction in retail lien fees and the elimination of charges for securities transfers between immediate family members. The lien fee for retail clients conducting transactions below N100 million would decrease from 0.25% to 0.125%.

Additionally, CSCS plans to remove the N145,600 fee for broker code creation and renewal, as well as the N36,400 eligibility fee for stockbroking firms. These proposed changes follow a revised fee structure that took effect on January 1, 2026, which previously raised charges across several services.

CSCS aims to address concerns from market participants regarding increased costs potentially discouraging smaller investors. The latest review is intended to reduce friction for retail investors and lower operating costs for brokers, thereby supporting greater participation, efficiency, and liquidity in Nigeria's capital market.