Stamp Duties Act in Nigeria

Sometimes ago, the Central Bank of Nigeria introduced what is termed Stamp Duty of N50 on Nigerians. The CBN directed all the financial institution   and deposit banks in Nigeria to start placing N50 charge on all deposits anyone make into any bank account as long as the deposit is more than N1000.

This means if you transfer any amount to any bank account, either via bank teller or via electronic means, that transaction will attar N50 fees. This is exactly what is called Stamp Duty. The new charge being placed on transaction by the CBN is backed by The Stamp Duty Act and Federal Government financial regulations 2009.

If you are transferring money from one of your personal bank accounts to another of your personal bank account, you will not be charged the stamp duty. If you are the one depositing money to your own bank account, the money being deposited this way will not attract the stamp duty. It does not matter if you are transferring the money between two account numbers in the same bank or in different banks.

Also, it must be noted that it is the receiving account that pays the stamp duty and not the paying account. This idea did not go down well with Nigerians. They saw this as an extra burden being imposed on Nigerians considering the fact that Nigerian banks are already charging Nigerians on every transaction they make.

However, the government seems to be less concerned about what Nigerians think about this situation as they still went ahead to impose it despite the nose against such.