FG Imposes N50 Stamp Duty On Bank Customers

The Federal Government through the Central Bank of Nigeria, on Tuesday, imposed stamp duty of N50 on bank customers for money received into their accounts.

Consequently, bank customers will henceforth pay N50 stamp duty for money received into their accounts via electronic transfer, cash and cheques.

This order was contained in a circular to all Deposit Money Banks and Other Financial institutions titled, Collection and Remittance of statutory charges on receipts of Nigeria Postal Service under the Stamp Duties Act”. In order to boost its revenue base.


“With immediate effect, all DMBs and other financial institutions shall commence the charging of N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act and Federal Government Financial Regulations 2009, that is, all receipts given by any bank or other financial institution in acknowledgment of services rendered in respect of electronic transfer and teller deposits from N1, 000 and above;

It should be noted that these charges are only payable by receiving accounts.