By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: CBN Orders Banks to Begin Charging of N50 NIPOST Levy for Bank Transactions
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessNews

CBN Orders Banks to Begin Charging of N50 NIPOST Levy for Bank Transactions

Farouk Mohammed
By Farouk Mohammed
Published: January 20, 2016
Share
2 Min Read
SHARE

cbn111111-2

The Central Bank (CBN) in a statement issued on Tuesday has ordered Nigerian banks to start the collection of N50 levy for some electronic transactions at every financial institution nationwide.

CBN said the decision was made in a bid to boost its revenue base, as the Federal Government is exploring revenue opportunities in the non-oil sectors, especially taxes and rates.

“It is in recognition of this fact that banks and other financial institutions are enjoined to support government’s revenue generation drive through compliance with the provisions of the Stamp Duties Act LFN2004, as reinforced by the court judgment in suit no. FHC/L/CS/1710/2013.”

- Advertisement -

“With immediate effect, all DMBs and other financial institutions shall commence the charging of N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act and Federal Government’s financial regulations 2009, that is, all receipts given by any bank or any other financial institution in acknowledgement of services rendered in respect of electronic transfer and teller deposits, from N1000 and above.”

“For the avoidance of doubt, the following receipts are, however, exempted from imposition of Stamp Duties: (a) payments, deposits or transfers by self to self, whether inter- or intra-bank; and (b) any form of withdrawals/ transfers from savings accounts”.

“It should be noted that these charges are only payable by receiving accounts,” the Central Bank noted, adding: “Each DMB shall open an account designated as capital NIPOST Stamp Duties Account into which all charges collected shall be paid.”

“The balance in such accounts shall be transferred monthly by the DMBs to CBN NIPOST Stamp Duty Collection account number 3000047517. The Central Bank said other financial institutions shall remit their stamp duty collections to any DMB of their choice.

- Advertisement -

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:CBNNigerian Banks
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Olisa Metuh to Remain in Kuje Prison Till He Meets Bail Conditions
Next Article Celine Dion’s Husband, Rene Angelil Planned His Own Funeral Ceremony

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Okay.ng Logo

Parallel Market Rates

USD
Buy₦1,550.00
Sell₦1,560.00
GBP
Buy₦2,130.00
Sell₦2,170.00
EUR
Buy₦1,750.00
Sell₦1,790.00

Updated: 21 hours ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

0.00
ShareShareShare

Rates are for informational purposes only.

Okay.ng Logo Parallel Market Rates
USD
Buy
Sell
GBP
Buy
Sell
EUR
Buy
Sell
| okay.ng
- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Flood Devastation in Ondo Communities Sparks Urgent Calls for Government Intervention
News
Security and Electoral Bodies Confirm Full Preparedness for Upcoming Anambra Elections
News
Ruth Kadiri
Ruth Kadiri Reveals Why She Keeps Her Marriage Private
Celebrities
Trump Rages at Elon Musk’s ‘America Party’, Calls Move a “Train Wreck”
International
Anambra Police Intensify Crackdown on Cult Activities Amid Security Concerns
News Security
- Advertisement -
Ad imageAd image

You May Also Like

Babiana Trending Video: What You Should Know

Okay.ng
Okay.ng
July 7, 2025
Politics

Babachir Lawal Announces Departure from APC, Promises Future Political Direction

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 7, 2025
NewsTop stories

BREAKING: Revered Olubadan of Ibadanland, Oba Olakulehin, Passes Away at 90

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?