Nigerians to Now Pay N50 to FG Each Time They Receive Deposits in their Bank Accounts

The Federal Government through the Central Bank of Nigeria, today imposed stamp duty of N50 on bank customers for money received into their accounts.Consequently, bank customers will henceforth pay N50 stamp duty for money received into their accounts via electronic transfer, cash and cheques.This order was contained in a circular to all Deposit Money Banks and Other Financial institutions titled, Collection and Remittance of statutory charges on receipts of Nigeria Postal Service under the Stamp Duties Act”.

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