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The short answer
On an NGX share trade you pay the broker's commission plus statutory charges. NGX's published market structure lists brokerage of 0.75% to 1.35% on each side, a 0.3% SEC fee and 0.08% stamp duty on purchases, and a 0.3% NGX fee, 0.3% CSCS fee and 0.08% stamp duty on sales, plus a ₦4 trade alert; CSCS adds 7.5% VAT to its own fee. Your broker's contract note shows the exact figures charged.
The charges on a Nigerian share trade
Every time you buy or sell shares on the Nigerian Exchange (NGX), two kinds of cost come off your money. The first is the stockbroker's commission, which pays the firm that places your order. The second is a set of charges collected for the regulator, the exchange, the depository and the government. Together they decide how much a share price must rise before you break even.
The fee table below is the one NGX publishes on its market structure page. That page was last modified in April 2021, so treat it as the published reference rather than proof of today's charges. The CSCS line is confirmed by CSCS's own pricing page, effective 1 January 2026, which lists 0.3% on sales for NGX trades, plus 7.5% VAT.
| Charge | On a buy | On a sell | Who receives it |
|---|---|---|---|
| Brokerage commission | 0.75% to 1.35% | 0.75% to 1.35% | Your stockbroker |
| SEC fee | 0.3% | None listed | Securities and Exchange Commission |
| NGX fee | None listed | 0.3% | Nigerian Exchange |
| CSCS fee | None listed | 0.3% (plus 7.5% VAT, per CSCS) | Central Securities Clearing System |
| Stamp duty | 0.08% | 0.08% | Government |
| Trade alert | ₦4 | ₦4 | Notification charge |
Some brokers also add VAT on their commission. nairaCompare, writing in July 2026, says VAT is charged on the brokerage commission rather than the full trade value, but does not state the rate. Check your contract note.
Commission: the part that varies
The statutory charges are the same whichever broker you use. Commission is where firms differ. nairaCompare reported in July 2026 that traditional brokers charge "up to around 1.35%" and that this is often negotiable, while some app-based brokers charge less or set a percentage with a naira minimum. A minimum matters for small trades: nairaCompare's example is that a ₦100 minimum is 0.2% of a ₦50,000 trade but 2% of a ₦5,000 trade.
- Ask for the broker's full tariff before you open an account: commission rate, any minimum, and any account or statement charges.
- Ask whether the rate falls for larger orders. Many brokers negotiate with active clients.
- If you buy through an app that works with a licensed dealing member, find out whose contract note you receive and who holds your shares.
Worked example: buying and selling ₦100,000 of shares
Example only. Figures use the top of NGX's commission range (1.35%), the other rates in the table above, and VAT of 7.5% on commission and on the CSCS fee. Your broker's rate and contract note may differ.
| Buy ₦100,000 of shares | Amount (₦) |
|---|---|
| Commission 1.35% | 1,350.00 |
| VAT on commission 7.5% | 101.25 |
| SEC fee 0.3% | 300.00 |
| Stamp duty 0.08% | 80.00 |
| Trade alert | 4.00 |
| Total charges | 1,835.25 |
| Total you pay | 101,835.25 |
Now suppose the price rises 10% and you sell the same shares for ₦110,000.
| Sell for ₦110,000 | Amount (₦) |
|---|---|
| Commission 1.35% | 1,485.00 |
| VAT on commission 7.5% | 111.38 |
| NGX fee 0.3% | 330.00 |
| CSCS fee 0.3% | 330.00 |
| VAT on CSCS fee 7.5% | 24.75 |
| Stamp duty 0.08% | 88.00 |
| Trade alert | 4.00 |
| Total charges | 2,373.13 |
| Net you receive | 107,626.87 |
Your gain before any tax is ₦107,626.87 minus ₦101,835.25, which is ₦5,791.62. The share price rose ₦10,000, but ₦4,208.38 (about 42% of that rise) went in charges. On this example, the shares had to rise by roughly 4% just to break even, which matches nairaCompare's description of a round trip with a traditional broker costing around 4.3%.
Other charges that are not per trade
CSCS publishes service fees that you may meet outside a normal trade, all plus 7.5% VAT where stated on its page (effective 1 January 2026):
- Merging accounts or CHN consolidation: ₦3,000 per account.
- Stock position statement: ₦1,000 per account; stock portfolio valuation: ₦2,000 per account.
- Transaction history: ₦1,000 per page.
- Nominal transfer of shares: 0.3% of market value, nil for individuals in the family relationships CSCS lists.
Nairametrics reported on 26 August 2026 that CSCS plans to halve retail lien fees from 0.25% to 0.125% for retail clients transacting below ₦100 million and to cut transfers between immediate family members to zero, with no effective date given. Check the CSCS charges page for what currently applies.
What to check first
- Your broker's written tariff and minimum commission.
- The contract note after each trade: it lists every charge line.
- Whether trading small amounts often makes sense once minimums are counted; see ₦100,000 in Nigerian stocks: a worked example.
- That the broker is registered, using the SEC's Find a Registered Operator page; our guide on how the Nigerian stock exchange works explains who does what.
Where Pryme fits
Pryme does not trade shares. If you are paying a broker from a Pryme account, send to the broker's designated account only, and keep the transfer receipt; a verifiable receipt through VerifyDoc.ai can help if a payment is ever disputed.
Questions people ask
How much does a stockbroker charge per trade in Nigeria?
NGX's published structure lists commission of 0.75% to 1.35% of the trade value on each side. Many brokers negotiate, and some apps charge less with a naira minimum.
What is the SEC fee on buying shares in Nigeria?
NGX's market structure page lists a 0.3% SEC fee on purchases. Check your contract note for the figure actually charged.
Do I pay CSCS fee when buying shares?
CSCS's pricing page lists its NGX fee as 0.3% on sales, plus 7.5% VAT, so it applies when you sell rather than buy.
How much must my shares rise to break even?
In our worked example with 1.35% commission, the round trip cost about 4.2% of the purchase amount, so the price needed to rise roughly 4% before you made money.
Sources
- NGX: Market structure (exchange-traded funds page, last modified Apr 2021) · accessed Oct 2026
- CSCS: Charges and Fees (pricing effective 1 Jan 2026) · accessed Oct 2026
- nairaCompare: The true cost of trading stocks in Nigeria (14 Jul 2026) · accessed Oct 2026
- Nairametrics: CSCS to slash retail lien fees, scrap family transfer charges (26 Aug 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.