The Central Bank of Nigeria (CBN) recently announced the introduction of a Stamp Duty Charge for payments of N1000 and above received into your account.
Effective January 15, 2016, you will be charged N50 as a beneficiary/recipient of funds via cash deposit, cheque deposit or electronic transfers of N1000 and above.
Please see the accounts/transactions that are exempted below;
- Savings accounts
- Salary accounts
- Account transfers to your own account within or outside the bank
Please note that this Stamp Duty Charge applies to transactions of N1000 and above, and NOT every N1000 deposited to your account.
