N50 Stamp Duty: CBN Makes Clarification

The Central Bank of Nigeria (CBN) has clarified that the N50 stamp duty imposed on bank customers is not per N1000 but on the whole amounts received as long as it is beyond N1000.

CBN

The apex bank had earlier announced that a N50 duty would be imposed on an amount received by a customer exceeding N1000 but there has been rumour that the N50 would be deducted per N1000 received.

Leadership reports that Mallam Ibrahim Mu’azu, the director of corporate communication of the CBN said on Thursday, January 21 that it was necessary to make the clarification following the rumour and misconception in circulation.

He clarified that eligible transactions that will be charged 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 explained that exeptions to the N50 charge include payments of salaries and wages, payments, deposits by self to self whether inter or intra bank among others.

Mu’azu said the implementation came after a federal high court ordered the CBN to direct Deposit Money Banks (DBM) to collect the duty on behalf of the federal government.

“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 on behalf of the customer,” he said.