“₦50 Stamp Duty Is Not A Bank Levy” – CBN

-


The ₦50 stamp duty showing on many bank transaction alerts is not a bank levy but a federal government tax, the Central Bank of Nigeria (CBN) said on Tuesday.

CBN Governor Olayemi Cardoso told the newsmen after the Monetary Policy Committee (MPC) meeting in Abuja that the charge originates from tax authorities and banks only act as the collection conduit.

“The stamp duty is not the outcome of the banking system, this is something that emanates from the tax authorities,” he said, adding that banks have a responsibility to ensure the money reaches its final destination.

Governor Cardoso acknowledged that consumer confusion has been worsened by banks sending multiple fragmented alerts for single transactions, producing “a whole slew of different advices” that makes it hard for customers to match debits to specific activities.

He said the central bank is reviewing practical reforms, including consolidating transaction alerts into a single, itemized notification.

The CBN has set up a standing committee to identify and resolve recurring consumer complaints, the governor added, with unexplained charges among the issues the committee will tackle.

The clarification came as the MPC retained the Monetary Policy Rate at 26.5 per cent and kept other policy parameters unchanged at the end of its 305th meeting which held on May 19–20, 2026.

Comments

Post a Comment

Popular posts from this blog

Imo State Governor, Hope Uzodinma Confirms Move To Resign And Contest For Imo West Senatorial Seat Bid

-
Image
  Imo State Governor, Hope Uzodinma, has confirmed his intention to leave office before the expiration of tenure and contest for the Imo West Senatorial seat in 2027 elections, declaring that he was answering a renewed call to serve his people at the National Assembly. Uzodinma made this known in a statement posted on his official Facebook handle on Sunday, where he said the people of Imo West Senatorial District had once again called on him to represent them, a responsibility he has accepted with “utmost humility, sincerity of purpose, and unwavering commitment.” “My dear people of Imo West Senatorial District have once again called upon me to serve, and I have accepted this noble call,” he said, signalling a major political shift that could see him exit the Imo State Government House before the end of his tenure. The governor disclosed that he has already presented himself before the leadership of the All Progressives Congress (APC) and its Screening Committee for the National As...
Read more

Nigerians React As 26-Year-Old Lady Who Died In Minister Of Works’ House Is Set For Burial Amid Investigation

-
Image
  Mary  Habila, the late 26-year-old physiotherapist whose body was found naked at Works Minister, David Umahi’s house is set to be buried despite the public outcry for autopsy. Mary  Habila, who is popularly known as Mara, is said to be Umahi’s personal physiotherapist. She reportedly died on Saturday, June 27, 2026 at Umahi’s residence at Uburu, in Ebonyi State under questionable circumstances. Rea cting to the news of her impending burial, many Nigerians called on the Nigerian government to investigate the incident following similar allegations made against the minister in the past. However, amid the police investigation to unravel the circumstances surrounding Habila’s death, the family announced Friday, July 17, 2026, as her burial date. The de velopment has continued to raise dust, with netizens calling for a transparent and independent investigation into the incident, particularly following reports that she was found naked inside the minister’s residence. Reacting ...
Read more

The United States House Of Representatives Votes To Suspend 100% Aid To Nigeria Over Alleged Christian Persecution

-
Image
  The Uni ted States House of Representatives has approved an amendment seeking to withhold 100 per cent of the U.S. assistance to Nigeria until the country takes stronger measures to address violence and alleged persecution of Christians. The amendment, sponsored by the U.S. Congressman Gregory Steube, was adopted through a voice vote on Wednesday and attached to the fiscal year 2027 State Department spending bill, which was later passed by the House by 217-209 votes, largely along party lines. Announcing the development on X, Steube said his amendment was aimed at ensuring accountability from the Nigerian government over its response to insecurity. “My amendment to withhold 100 per cent of U.S. aid to Nigeria until its government stops the slaughter of Christians has passed. “American taxpayers should never bankroll governments that turn a blind eye while Christians are abducted, tortured, and murdered. No more wasteful foreign aid!” he wrote. The original version of the spending...
Read more