Stamp Duty Charge (Nigeria Only)
The Central Bank of Nigeria (CBN) has instructed all deposit banks (DMBs) and financial institutions operating in the country to begin placing a N50 charge on every bank deposit of 1000 and above. According to the circular sent to all deposit banks (DMBs) and financial institutions, banks has now began to charge N50 for every transaction of N1,000 and above transferred into an account either electronically or through a bank teller. This new charge is in accordance with the provision of the Stamp Duties Act and Federal Government Financial Regulations 2009.
Consequently, Banks has implimented the N50.00 stamp duty charge for electronic transfers and teller deposits from N1,000 and above on current accounts. This led to many public uproar, but was still effected.
Hence, for every deposit received in our Bank account for your transaction; it will attract the extra Stamp duty charge of N50 (Fifty Naira). So please note this when paying.
Thank you for your usual understanding.