A customer queing into Family bank banking hall along Kenyatta Avenue in Nairobi. Fredrick Onyango
The Central Bank of Nigeria has explained some misconceptions among members of the public on the implementation of stamp duty on bank transactions.
The Director, Corporate Communications of CBN, Ibrahim Mu’azu, said the guidelines simply advised banks and other financial institutions operating in the country to commence the collection of N50 on eligible transactions only.
According to him, such eligible transactions include all receipts given by a bank or financial institution in acknowledgment of services rendered and electronic transfers for the value of N1,000 and above.
Mu’azu hinted that the N50 stamp duty is to be charged per transaction and not per volume.
He further stated some exemptions which include payment of salaries and wages, payments and deposits or self to self, inter- or intra-bank.
But mixed reactions trail this initiative introduced by the Central Bank of Nigeria.
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