The Central Bank of Nigeria has recently directed that all banks in Nigeria to comply with the provisions in the Stamp Duties Acts in which a N50 stamp duty will be charged for every receipted transaction of N1,000 (one thousand naira).
Effective January 15th 2016, there will be a N50 (fifty Naira) charge for all receipts issued by the Bank in acknowledgment of services rendered with regards to electronic transfer and teller deposit of N1,000 (one thousand naira) and above. This means that for every transaction of N1,000 (one thousand naira) and above which you receive via electronic transfer or cash/cheque deposit, you will be charged N50 which will be remitted to the Central Bank of Nigeria.
Please note that the following transactions are exempted from this charge:
- Salaries/Wage transactions
- Transfers made by self to self
- All forms of withdrawals/transfers from savings accounts
- Inter and intra bank payment deposits and payments to governmental agencies