Nigerian banks activate N50 stamp duty charge

Nigerian banks have served notice to customers that they have activated the Central Bank of Nigeria directive on the imposition of  N50 stamp duty charge on some payments.

In a notice by the UBA, STANBIC and GTB on Friday, the banks said it  commenced  the collection from 15 January, meaning there will be some back charges on customers’  accounts.

A charge of N50 will be slammed on  electronic transfers and teller deposits from  N1,000 and above.

The banks clarified that the stamp duty is only payable by receiving accounts.

Exempted are payment deposits or transfers by self to self whether inter or intra bank. Also  exempted are withdrawals or transfers from saving accounts.

Nigeria expects to rake in over N66 billion from the charge in a year.