CBN has imposed a new stamp duty on financial transactions and has urged all commercial banks to enforce it. In a circular to the commercial banks on January 19 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 the government’s drive to boost revenue base, in view of the gross fall in oil income. This is because Nigeria relies heavily on revenue from crude sales but the falling oil price means it will have to look elsewhere to fund its budget. The Federal Government plans to spend about 6 trillion naira in 2016 with expected revenue of around 3.9 trillion naira, of which only 820 billion would come from oil.