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The short answer
From Uyo, a bank transfer is usually the cheapest way to send money anywhere in Nigeria: the bank fee is at most ₦50 plus VAT under the current CBN bands, and since 1 January 2026 the sender also pays ₦50 stamp duty on transfers of ₦10,000 or more. POS cash collection is limited to ₦100,000 per customer per day. For money from abroad, compare the amount that arrives, not just the fee.
Most money sent from Uyo goes by bank transfer, either from a banking app or by USSD, and arrives in seconds. People without bank accounts still rely on POS agents to collect cash, and families with relatives abroad receive money through international transfer operators. Each route has its own charges and checks. This guide covers what you pay for transfers within Nigeria, how cash collection works, and how to receive from abroad safely.
Bank transfers within Nigeria
An interbank transfer has two possible charges: the bank's transfer fee and stamp duty.
- Transfer fee: under the CBN's current guide, most banks charge ₦10 for transfers up to ₦5,000, ₦25 from ₦5,001 to ₦50,000 and ₦50 above ₦50,000, plus VAT. A CBN draft Guide to Charges published for comment in April 2026 proposes making transfers up to ₦5,000 free, ₦10 from ₦5,000 to ₦50,000 and a ₦50 cap above that; its effective date was not stated (Candide-Johnson summary, May 2026). Some banks and apps charge less or nothing; check yours.
- Stamp duty: since 1 January 2026, a ₦50 stamp duty applies to electronic transfers of ₦10,000 or more, paid by the sender. Transfers below ₦10,000 and salary payments are exempt (Techeconomy, January 2026).
A labelled example: sending ₦50,000 to a relative in Lagos from an app that applies the current bands costs ₦25 plus VAT in transfer fees and ₦50 in stamp duty, a little over ₦75 in total. Sending the same amount as five transfers of ₦10,000 does not avoid the stamp duty, because each one is ₦10,000 or more, and adds five transfer fees.
Cash collection through POS agents
If the person you are sending to has no account, or needs cash quickly, they can collect from a POS agent after you transfer to the agent, or they withdraw with their card. The CBN's December 2024 circular limits agent cash-outs to ₦100,000 per customer per day and ₦500,000 per week (Techeconomy, December 2024), and agents charge their own fee on top. Since 1 January 2026, individuals can also withdraw no more than ₦500,000 a week across all channels before a 3% fee on the excess applies (Channels TV, December 2025). For larger sums, a transfer straight to the recipient's account is cheaper than cash.
USSD transfers work without data and are useful for relatives with basic phones, but they can carry a session charge from the network on top of the bank's fee, and banks set their own daily USSD limits. Check your bank's USSD page for its current charge and limit before relying on it for a large or urgent payment, and use an app or internet banking when the amount is large.
Checks before you send
- Confirm the account name shown by your bank matches the person you mean to pay before you approve.
- Call the recipient on a number you already have if a request comes by text or social media; impersonation is common.
- Keep the transaction reference until the recipient confirms receipt.
- If a transfer fails but you are debited, report it to your bank at once.
Receiving money from abroad in Uyo
Relatives abroad usually send through international money transfer operators or their own banks. Under CBN rules, money can be paid out in naira to a bank account or, in many cases, in foreign currency into a domiciliary account or as cash at a bank. Our guides on CBN remittance rules and the real cost of sending money to Nigeria explain the payout options and how the exchange rate margin is often a bigger cost than the stated fee.
When comparing services, ask the sender to check two numbers: the fee, and the exact amount that will arrive in naira or dollars. Exchange rates change daily, so compare on the day and avoid relying on yesterday's quote.
Scams aimed at families
Be wary of messages claiming a transfer from abroad is held and needs a release fee, of strangers offering a better rate if you pay first, and of anyone asking for your login codes. Genuine operators do not ask the recipient to pay to receive. See money transfer scams targeting the diaspora.
What to check first
- Your bank's current transfer fee, and whether it charges VAT on top.
- Whether the amount is ₦10,000 or more, so stamp duty applies.
- For cash collection, the agent's fee and the daily limit.
- For money from abroad, the amount that will arrive, not just the fee.
Where Pryme fits
With Pryme Send you can transfer to any Nigerian bank account. A Pryme account also gives family abroad local account details in USD, GBP and EUR to pay into; money stays in the currency it arrived in until you choose to convert with Swap, where you see the rate first and the fee on its own line.
Questions people ask
How much does it cost to transfer money in Nigeria?
Under the current CBN guide, banks charge up to ₦10, ₦25 or ₦50 plus VAT depending on amount, and since 1 January 2026 the sender pays ₦50 stamp duty on transfers of ₦10,000 or more.
Who pays the ₦50 stamp duty on transfers?
The sender, since 1 January 2026, for electronic transfers of ₦10,000 or more. Transfers below ₦10,000 are exempt.
How much can someone withdraw from a POS agent per day?
The CBN's December 2024 circular limits cash-outs to ₦100,000 per customer per day and ₦500,000 per week.
How can my family abroad send money to me in Uyo?
Through an international transfer operator or bank, paid out to your naira account, a domiciliary account or as cash at a bank. Compare the amount that arrives, not only the fee.
Sources
- Candide-Johnson: Nigeria's new banking charges framework (CBN draft Guide to Charges, May 2026) · accessed Oct 2026
- Techeconomy: Stamp duty replaces EMTL, sender to bear ₦50 charge on bank transfers (1 Jan 2026) · accessed Oct 2026
- Techeconomy: 7 key highlights of CBN's new ₦100,000 cash-out limit for POS transactions (Dec 2024) · accessed Oct 2026
- Channels TV: CBN revises cash withdrawal rules effective January 2026 (3 Dec 2025) · 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.