Following the introduction of the N50 stamp duty, the Central Bank of Nigeria (CBN), has made further clarifications on the N50 stamp duty policy on bank customers for money received into their accounts via electronic transfer, cash and cheques.

According to the CBN, payments of salaries and wages as well as payments and deposits for self-to-self transactions whether inter or intra bank are exempted from the new policy.

This was revealed by Mallam Ibrahim Mu’azu, CBN Director, Corporate Communications, on Thursday in Abuja in a statement issued to newsmen.

“The implementation of the Stamp Duty at this point in time emanated from a Federal High Court order that the CBN should direct deposit money banks under its supervision to commence the collection of the duty on behalf of the federal government.

“Consequently, the money deposit banks have been directed to commence the collection of the duty.

“Banks are to collect the N50 stamp duty and remit same to the Nigerian Postal Services (NIPOST) on behalf of the customer.

“The N50 stamp duty is charged per transaction and NOT per volume. Hence, irrespective of the amount, the sum of N50 is to be charged provided such a transaction is N1,000 and above.

“There are however some exemptions and these include payments of salaries and wages, payments and deposits for self-to-self transactions whether inter or intra bank among others,’’ the statement said.

The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.