The Central Securities Clearing System (CSCS) is moving to lower selected charges across Nigeria’s capital market, with a 50% reduction in lien fees for retail investors and the removal of fees on qualifying securities transfers between immediate family members.
Under the proposed pricing changes, retail investors conducting transactions below ₦100 million would pay a lien fee of 0.125%, down from 0.25%. CSCS also plans to eliminate charges for broker-code creation and renewal and remove eligibility fees paid by brokers operating on major trading platforms.
The changes come less than seven months after CSCS introduced its current pricing structure and could reduce some of the costs associated with participating in the Nigerian capital market. The family-transfer provision could also make it cheaper to transfer qualifying securities between spouses, parents, children and siblings.
For investors, lower transaction-related costs could improve the economics of smaller retail transactions and potentially encourage greater participation in listed securities. The impact, however, will depend on the final implementation of the revised charges and how much of the savings investors ultimately receive through brokers and other market intermediaries.
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