CBN directs banks charge stamp duties on deposits, transfers

Tuesday, January 19, 2016 4:40 pm

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

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

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.

Please read the full circular here: Central Bank of Nigeria Directive on Stamp duties

Join The Conversation

2 Comments

james says:

February 1, 2016 at 1:31 pm

our leaders are thieves and morons. On top of these, hundreds of official cars will be bought with this money for senators and the cronies from this same money. Is a senator or permanent secretary not a worker who gets paid salary? cant they afford their own car or house as expected from the rest of us? Other developed countries don’t buy cars for everyone in govt. It is poor folly. Now, the poor people have to suffer for their waste and stealing even as we keep looking at them living big lives. That country needs a revolution.

QMB says:

January 29, 2016 at 11:46 am

This is another way of encouraging corruption and inefficiency in our public sectors. The stamp duty being imposed on the masses through Banks for NIPOST will further breed ineptitude. The income being generated by the likes of DHL, UPS and others were the gold mines that NIPOST refuses to explore as the counter part also failed to see beyond their nose. Rather than become creative they felt the money is there for stealing, sharing and looting without planning for the future expansion that will generate more money for to loot.
Imagine, what this will translate to assuming only 20 million transactions were carried out in a day by our Banks. That means N1.0billion per day multiplied by 269 days in a year. From the down trodden. It is better imaging than experience.