Nigerian banks activate N50 stamp duty charge

Adebayo Onanuga

January 28, 2016

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Nigerian banks have served notice to customers that they have activated the Central Bank of Nigeria directive on the imposition of N50 stamp duty charge on some payments.

In a notice by the UBA today, the bank said it commenced the collection from 15 January, meaning there will be some back charges on customers’ accounts.

A charge of N50 will be slammed on electronic transfers and teller deposits from N1,000 and above.

The bank clarified that the stamp duty is only payable by receiving accounts.

Exempted are payment deposits or transfers by self to self whether inter or intra bank. Also exempted are withdrawals or transfers from saving accounts.

Nigeria expects to rake in over N66 billion from the charge in a year.

2 responses to “Nigerian banks activate N50 stamp duty charge”

Funmi
February 9, 2016

What value are they adding to us and still rob us of our hard earned money.Banks look for opportunities to take from us,I can’t remember the bank crediting my account for loyalty or something. Stamp duty that will end up in some individuals’ accounts. When will the government of this country eventually be for the people? If there is nothing good to offer,leave us and not rip us off.
james
February 1, 2016

this is still not clear. which accounts are exempted? savings, current? Is this journalism? you say deposit by self exempted. Are they going to require an ID to deposit? Later you say savings are exempted. crazy