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 deposits of N1,000 and above 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
