Tuesday, 03 January 2017 13:54

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The Central Bank of Nigeria(CBN) has instructed commercial banks across the country to extend the deduction of N50 stamp duty to savings account transactions. The apex bank had previously exempted savings accounts through a circular issued on January 15, 2016.

With this directive, every third party deposit into a savings account with a value of at least N1 000, will be automatically charged N50 stamp duty fee. It is, however, not clear if deposits made by owners of savings accounts would be exempted. It is also not clear whether salary accounts are exempted.

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