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CBN directs banks to enforce N50 stamp duties on transactions

20 January 2016, 12:21

Abuja - The Central Bank has told commercial banks to start enforcing the country’s stamp duties law on financial transactions with “immediate effect”.

In a circular to the banks, the CBN asked the banks to charge N50 on every N1 000 deposit or electronic transfer made by customers.

Read circular here: http://www.cbn.gov.ng/Out/2016/CCD/SCAN0001.pdf

Deposits or transfers made by a person to his own account, inter bank or intra-bank are exempted. Also exempted are withdrawals from savings accounts.

The CBN said the charges are only payable by receiving accounts and urged banks and financial institutions to support government drive to boost revenue base, in view of the gross fall in oil income.

Nigeria relies heavily on revenue from crude sales but the falling oil price means it will have to look elsewhere to fund its budget.

The Federal Government plans to spend about 6 trillion naira in 2016 with expected revenue of around 3.9 trillion naira, of which only 820 billion would come from oil.

- News 24

Tags cbn nigeria

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