The Central Bank has told commercial banks to start enforcing the country’s stamp duties law on financial transactions with “immediate effect”.
In a circular to the banks, the CBN asked the banks to charge N50 on every N1 000 deposit or electronic transfer made by customers.
Deposits or transfers made by a person to his own account, inter bank or intra-bank are exempted. Also exempted are withdrawals from savings accounts.
The CBN said the charges are only payable by receiving accounts and urged banks and financial institutions to support government drive to boost revenue base, in view of the gross fall in oil income.