In an effort to boost government’s revenue, the central bank of Nigeria 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. “For the avoidance of doubt, the following receipts are, however, exempted from the imposition of stamp duties: payment deposits or transfers by self to self, whether inter or intra bank; and any form of withdrawals/transfers from savings accounts.”

While it was not clear when the stamp duty collection was extended to savings accounts, some bankers said the only exemption now was deposits made by the owners of savings accounts.”

This means every third party deposit into a savings account with a value of at least N1,000, will be automatically charged N50 stamp duty fee, which the bank has a responsibility to transfer to the NIPOST Stamp Duty Account domiciled with CBN.

The circular reads “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 the Federal Government’s Financial Regulations 2009; that is, all receipts given by any bank or other financial institution in acknowledgement of services rendered in respect of electronic transfers and teller deposits from N1,000 and above.”

http://investorsking.com/commercial-banks-deduct-stamp-duty-savings-accounts/

Deducting from the poor to fund the rich put more strain on the entire populace. Buhari is too dull. All his policies are about making money ten time the usual but utilization is zero percent. It will surely lead one way ............ Revolution

They deducted 50 man from my account wey I deposited money to chop life this festive period.

Thunder faya

Hmmmmmmmmm

This is "change"

Why is Buhari too dullardic?

Buharis government has been making thrillions unheathily from the poor and nobody seems to have a voice to speak out. Is labour dead. Is it because is a cabal leader then every body should be afraid to speak. He has virtually killed nigeria within two years and animals are hailing him

They are already withdrawing the N50.

why now upon all the Money den dey deduct upandan na only recession den get to show.

Sighs.

what else is new?

Why is ds government bent on milking d masses dry?! Every morning they wake up thinking of one way or the other to add to our plight

Those niggas debited N50 last month from my alc.
This is not a good development at all.