Posted on: 08:35 Fri, 22 Jan 2016



The Central Bank of Nigeria (CBN) has clarified
that the N50 stamp duty imposed on bank
customers is to be charged per transaction and
not per volume of N1,000. Hence, irrespective
of the amount, the sum of N50 is to be charged
provided such a transaction is N1000 and
above.

Director, Corporate Communications CBN,
Mallam Ibrahim Mu’azu, who said this in a
statement on Thursday, said it has become
necessary to make the clarification following
some misconceptions among members of the
public.

According to him, 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.

He also said 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.

Mu’azu hinted that the implementation of the
Stamp Duty at this point in time emanated from
a federal high court order that the CBN should
direct deposit money banks (DMBs) under its
supervision to commence the collection of the
duty on behalf of the federal government of
Nigeria, in compliance with the provisions of the
Stamp Duty Act 2004 and the Federal
Government of Nigeria (FGN) Financial
Regulation of 2009.

“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.