OVER 50 million active accounts in the banking sector will be enlisted in the new revenue drive of the Federal Government with the takeoff of the N50 stamp duty on financial transactions.
The Central Bank of Nigeria (CBN) has already communicated the commencement of the N50 stamp duty deduction on receipt of financial value of N1000 and above from bank accounts to financial institutions.
However, only transfers from personal account to another personal account, both at the same bank or another bank are exempted from the charge.
With the act already in force, there are projections that the total number of direct cash lodgements in various accounts in banks, the transfer of cash arising from Point of Sale, Automated Teller Machines and mobile money transactions, among others, may hit 50 million in volume per day, with an estimated value of about N2.5 billion daily. For more news stories visit http://lekanbabarinde..com.ng/

God dey...... in a country where the masses always get punished for the failure of their leaders..

This definitely will not have any effect on the politicians and rich people.

Pls don't quote me if u see nothing wrong with dis.

If I wan send 5k to my babe

So nh 5k plus 50bucks I go send