The Central Bank of Nigeria has recently introduced a N50.00 Stamp Duty Charge for electronic transfers and teller deposits from N1,000 and above.

This is in compliance with the provision of the Stamp Duties Act and Federal Government Financial Regulations 2004.

This directive takes effect immediately with the following highlights:

The charge will be applicable per eligible transaction (electronic transfers and teller deposits from N1, 000 and above). 

Charges are applicable to and only payable by receiving accounts.