CSCS Raises Capital Market Service Charges By Up To 3000%

Nigeria’s Central Securities Clearing System (CSCS) has implemented a sweeping overhaul of its fees structure for 2026, introducing significantly higher transaction charges across key services.

The revised schedule marks a decisive shift toward institutional clients and value-based pricing, ending the previous regime that underpinned clearing and settlement costs in the capital market.

The changes, which affect everything from account onboarding to fixed income trading, signal a strategic shift designed to boost revenue and better align fees with transaction value and market activity.

Notably, some charges have surged by over 3,000 per cent, while entirely new service categories, such as API monetisation and investor segmentation tiers have been introduced.

The most dramatic changes are concentrated in fixed income services and custodial operations, underscoring CSCS’s focus on high-value, high-volume market segments.

OTC trade fees jumped from N15 per million to N500 per million, representing a 3,233 per cent increase, making it the single largest revenue lever. Custody-related charges moved from a flat fee (N1,300) to 0.03 per cent of transaction value, unlocking significant upside for large portfolios.

Custodian code creation rose 243 per cent (N72,800 – N250,000); settlement bank onboarding increased 60 per cent (N15.6 million – N25 million), Margin account onboarding jumped 300 per cent (N50,000 – N200,000); while corporate onboarding fees surged 400 per cent (N20,000 – N100,000),

Renewals climbed 156 per cent, strengthening recurring income streams. For retail investors stock statements fees rose by 43 per cent from N700 to N1,000, while fees for change of name/address jumped 200 per cent from N1,000 to N3,000. Fees for Inter-member transfers doubled to N3,000.

Besides, new services introduced, such as Joint accounts, premium investor tiers, judiciary-linked services, API access, and expanded data services, came with remarkable price levels that some stockbrokers described as cut-throat.

The 2026 pricing framework reveals a clear strategic direction: institutional clients are now at the center of CSCS’s revenue model. Banks, custodians, and market makers, who typically handle large transaction volumes are facing the steepest increases, with many fees rising between 50 per cent and 300 per cent.

Speaking, a senior stockbroker, Mr. Tunde Oyediran emphasized that while there have been increases in certain fees, these changes are not significant enough to disrupt the overall operations of the investors or pose a serious risk to their portfolios.

He pointed out that the recent fee hikes could be attributed to the broader economic climate, particularly the rising costs of maintaining and running business operations within the industry.

Oyediran mentioned that this increase manifest in various service charges, such as the communication fees that have risen from four naira to six naira, saying that this adjustment aligns with trends observed among telecommunications companies, reflecting their own operational cost challenges.

The vice president of Highcap Securities Limited, Mr. David Adonri, explained that “stockbroking firms pay fees to the Central Securities Clearing System (CSCS) for various services, such as access to clients’ statements. When a client visits a stockbroking firm, the firm can utilize the CSCS system to retrieve or print the client’s statement. These fees, which include yearly charges for accessing such services, contribute to the overall cost of doing business within the market.”

Adonri noted that stockbrokers often absorb some of these charges without passing them on to investors, stating that “there are additional fees related to due diligence and other operational services. Overall, the fees incurred by stockbrokers can make their services more expensive, impacting how they operate and serve clients.”