Every trade on the Nigerian Exchange (NGX) carries a set of regulatory and brokerage charges layered on top of your trade amount. These charges are asymmetric: buying and selling a stock incur different fees, applied in different directions — buying adds fees on top of your trade amount, while selling deducts fees from it.
This calculator itemizes every standard charge for both directions of a trade, so you know your true cost before buying and your true proceeds before selling.
The Fees This Calculator Measures
- Brokerage Commission — the rate your specific stockbroker charges, applied on both buy and sell.
- SEC Fee (0.3%) — a Securities and Exchange Commission charge applied only on buy transactions.
- NGX Fee (0.3%) and CSCS Fee (0.3%) — exchange and settlement charges applied only on sell transactions.
- Stamp Duty (0.08%) — applied on both buy and sell, and not subject to VAT.
- CSCS X-Alert Fee (₦4.00 flat) — a fixed notification charge applied on both buy and sell.
- VAT (7.5%) — applied to brokerage commission and the percentage-based regulatory fees, not to stamp duty or the X-Alert fee.
Because SEC, NGX, and CSCS fees apply only to one side of a trade, buying and selling the same amount will never cost exactly the same in fees. For a full walkthrough of NGX broker fee structures, see our guide: Read our complete guide to Nigerian stock broker fees.
Nigerian stock broker fee calculator
Estimate brokerage commission, NGX/SEC/CSCS charges, stamp duty and VAT on a buy or sell trade, and see your true net cost or proceeds.
SEC (0.30%), NGX (0.09%), and CSCS (0.15%) fees apply on buy trades.
Max 5%. Subject to VAT.
Please enter a trade amount greater than ₦0.
Itemized breakdown
| Charge | Rate | VAT | Amount |
|---|
Summary
This calculator provides estimates only, based on standard NGX, SEC and CSCS fee benchmarks and a flat 7.5% VAT rate current as of this writing. Actual brokerage commissions, minimum fees, and regulatory charges vary by stockbroking firm and are subject to change without notice. Always confirm the exact fee schedule with your licensed stockbroker before trading.
Calculation Methodology
Buy-side:
SEC Fee = Trade Amount × 0.3%
Stamp Duty = Trade Amount × 0.08%
CSCS X-Alert = ₦4.00 (flat)
VAT = 7.5% × (Broker Commission + SEC Fee)
Total Cost to You = Trade Amount + Broker Commission + SEC Fee + Stamp Duty + X-Alert + VAT
Sell-side:
NGX Fee = Trade Amount × 0.3%
CSCS Fee = Trade Amount × 0.3%
Stamp Duty = Trade Amount × 0.08%
CSCS X-Alert = ₦4.00 (flat)
VAT = 7.5% × (Broker Commission + NGX Fee + CSCS Fee)
Net Amount Received = Trade Amount − (Broker Commission + NGX Fee + CSCS Fee + Stamp Duty + X-Alert + VAT)
Chronological Data Locking Policy
The percentage rates used above (SEC, NGX, CSCS, stamp duty) and the flat CSCS X-Alert charge reflect standard NGX regulatory rates in effect at the time of writing. These rates are set by regulators and can change — this calculator does not pull a live rate feed and does not automatically update if rates are revised. Brokerage commission is not standardized at all and is set individually by each stockbroker, so you must enter your own broker’s actual rate for an accurate result. Before trading, confirm current regulatory fees with the NGX or SEC Nigeria, and confirm your commission rate directly with your broker.
Disclaimer: This calculator is for educational and illustrative purposes only and does not constitute financial, investment, or tax advice. Results are estimates based on standard NGX regulatory rates and the figures you provide, and may not reflect your broker’s actual charges or your final contract note. Fees are set by regulators and brokers and are subject to change without notice. Always verify current fees directly with your broker before trading, and consult a licensed financial advisor before making investment decisions.