CBN Speaks On Stamp Duty Imposed On Nigerian Bank Customers | N50 Is Per Transaction Not Per N1000

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The N50 stamp duty imposed on bank customers is to be charged per transaction and not per volume of N1,000, the Central Bank of Nigeria (CBN) reports.

CBN Speaks on N50 Stamp Duty Imposed On Nigerian Bank Customers
CBN Speaks on N50 Stamp Duty Imposed On Nigerian Bank Customers

According to the clarification made by the Apex Bank, bank customers are to pay the sum of N50 on transaction that is from N1,000 and above and not per volume of N1,000.

This disclosure was made known in a statement on Thursday, January 21, by the Director, Corporate Communications CBN, Mallam Ibrahim Mu’azu, Leadership reports.

Muazu disclosed that the clarification was necessary following hoopla among members of the public.

“Consequently, the DMBs have been directed to commence the collection of the duty thus: Banks are to collect the N50 stamp duty and remit same to the Nigerian Postal Services (NIPOST) on behalf of the customer,” he said.

The guidelines for the implementation of the Stamp Duty on bank transactions, which advised banks and other financial institutions operating in the country to commence the collection of N50, apply to eligible transactions only.

Such eligible transactions include all receipts given by a bank or financial institution in acknowledgment of services rendered in respect of teller deposits and electronic transfers for of the value of N1000 and above.

READ ALSO: Economic Crisis: Nigerian Banks Begin To Charge N50 Stamp Duty On Customers

Mu’azu also hinted that some exemptions specified in the scheduled to the Stamp Duty Act 2004 (under the caption “receipt”) include payments of salaries and wages, payments, deposits by self to self whether inter or intra bank among others.



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