The Central Bank of Nigeria has exempted payments of salaries and wages, deposits for self-to-self transactions whether inter or intra bank from the payment of fifty naira (N50) stamp duty which was imposed recently by the Federal Government of Nigeria on bank customers for money received into their accounts. The clarification was made known to the public on Thursday, January 21, 2016 in Abuja (Nigeria) by the Central Bank of Nigeria Director on Corporate Communications, Malam Ibrahim Mu’azu. This new bank policy means that bank account holders except salary account and savings account holders will be paying N50 stamp duty for any money which they receive into their accounts through electronic transfer, cash and cheques for a value of N1,000 and above and it is charged per transaction.
Source: Viewers Corner News.