Nigerian banks now charge N50 duty for deposits and transfers done on current accounts.

Prosper

By the order of the central bank of Nigeria, banks now charge N50 duty on deposits and transfers done on current accounts. Does this mean that Nigerians should close down their current accounts? Read the full email I received from GTBank below.

Regulatory Stamp Duty on Qualifying Transactions

We write to inform you that effective January 2016, all deposits and electronic transfers from N1,000 and above, paid into any current account shall attract a statutory stamp duty of N50, as mandated by the Central Bank of Nigeria and in compliance with the provisions of the Stamp Duties Act and Federal Government Financial Regulations 2009.

Please note that the under listed transactions are exempt from the charge:

• Deposits made by self and Transfers made to self within the same bank and to other banks.

• Withdrawals or transfers from savings accounts.

Thank you for banking with us.

Bigstan

Business as usual continues to decline in a country once proudly called giant of Africa due to lawlessness from wicked and unreasonable politicians and men with government parasatals. The introduction of this stamp duty of N50 for every N1000 deposit/transfers and above is totally unacceptable and insane. CBN has lost their foresight in improving Nigeria's economy hence the imposition of stupid Acts to the detriment of the people of Nigeria. This regulatory authority should be cautioned in order to avoid the danger that looms ahead.
Nigeria is a great country with vast natural resources and strong men. But it seems to be irony now. Because the people and its resources are going into extinct due to bad governance and myopic way of doing things by the authorities.
Nonetheless, i thought change has come but i was wrong. I discovered that Nigeria is still moving round in circle. Nothing seems to be working. People are dying of starvation everyday. No medical care and jobs. Those with jobs hardly can save for their children's future. Because their salaries ends up in feeding. Cost of feeding is so high in the market with no salary increments.
Nigeria is a country where something goes up and never comes down with no change in salaries and wages.
However, what Nigeria needs now is drastic revolution and action. Prayer without action is dead. Writing articles and going to mass media is not enough. Stand up for the truth even if you are standing alone until true change comes. God bless Nigeria!

Prosper

Well spoken @Bigstan. Nigerian corrupt politicians are the only problem Nigeria has. End corruption and every problem of Nigeria will be solved!