Thanks to CBN, You’ll Now Pay to Receive Money | BN Breaks Down the Circular

1000 naira bills (Nigerian currency)The Central Bank of Nigeria has directed banks to enforce ‘stamp duties’ with ‘immediate effect’. Read the circular sent to all the banks on the CBN website here.

Here’s what we gathered:

Here’s the Why: The FG is on a ‘revenue generation drive’. This will be part of many efforts to boost the Federal Government’s revenue base. As you are aware, oil prices (our major source of revenue) have been falling steadily for several months.

Here’s the What: You, a recipient, will be charged 50 Naira for receiving a transfer of over 1,000 Naira – electronically or via a bank teller.

Here’s the Law: Stamp Duties Act and Federal Government Regulations 2009.

Here are the Exemptions: Payments from self to self will not be charged, including intra-bank and inter-bank. (We’re guessing this will be possible due to BVN).

Savings accounts are sacred – you won’t be charged for withdrawals or transfers here.

Here’s the Cash-out: The CBN will be cashing out Stamp Duty collections every month from DMBs (deposit money banks) and other financial institutions via DMBs.

57 Comments on Thanks to CBN, You’ll Now Pay to Receive Money | BN Breaks Down the Circular
  • Ghen Ghen January 20, 2016 at 8:35 am

    O setigo!
    E don happen!
    I kuku siddon dey look!

    • Sugar January 20, 2016 at 11:10 am

      This is the Change Yall wanted. LOOOOOL
      You’ve seen nothing yet.

    • ak January 20, 2016 at 10:02 pm

      NAIJA!

      The rich steal, but when shit hits the fan, it is the poor that suffer.

      Can someone pls tell me when Dansuki is going to return the $322 million he stole?

      Or when we are going to stop giving money back to Abacha family?

  • Blondie January 20, 2016 at 8:47 am

    Continu! So if my company deducts tax from my salary & transfer the net to my current account, I’ll be taxed again by the bank. That’s double taxation on one income. What sort of govt is this? Trial & error techniques wtout thinking.

  • Chi January 20, 2016 at 8:49 am

    Nonsense people. After all of una steal our money, na a me go come refund the thefts. Let me do the maths, N50 per N1000 transaction! My money go finish be that na. I will think I will have to close all my accounts be that and start keeping my money in my house. This is ridiculous. When you guys were stealing from our common wealth and throwing lavish parties while living lavish lifestyles, una no see me ooo. Now you want to steal from my hard – earned suffering. My God go punish all of una. Foolish people!

    • Blessedheart January 20, 2016 at 9:09 am

      It’s not N50 per N1000 but N50 for every transfer above N1000.
      I don’t understand this. After all the efforts at a cashless economy, this is going to cause a regression especially for low income earners.

      • Shagga January 20, 2016 at 10:35 am

        Pls loud it!!!! This is not good for low income earners like us…..

    • Doxa January 20, 2016 at 9:44 am

      It’s not N50 per N1000, it’s N50 on N1000 and above. So no matter the amount of money you receive, it’s N50.

      • Chi January 20, 2016 at 10:11 am

        Ok. Buts it’s still sad. If I transact several N1000 transactions in a day, it will still amount to several N50 being charged my account in addition to the N105 my bank charges me per e – transfer. So I get to pay N105 per transaction and the receiver gets to be charged N50 per N1000 received via various transactions. So its still annoying.

    • NK January 20, 2016 at 9:51 am

      You many not need to close your account. Savings account was exempted because of low income earners like some of us. This is applicable to only current account because the assumption is that current account operators mainly operates volume and N50 many not necessarily be anything to them. Thank God it wasn’t imposed on savings account.

    • AMAKA January 20, 2016 at 9:59 am

      But…but Aunty Chi, the N50 charge is not per N1000. Its for any transaction over N1000 so if you send N500,000, I am guessing you would only be charged N50 pere. We really should stop blaming the government. They need money to run the nation and our oyel market no dey sell again so of course they need to find other avenues to generate income. What about economy diversification you ask. Yes I’m sure they would diversify the economy, maybe invest more in agriculture and natural mineral resources but before these ones sef go begin yield the kind money required to run Nigeria, e go tey small and in the mean time, Government no fit shut down na so they gast find that money one way or the other.

    • Anie January 20, 2016 at 6:53 pm

      It is NGN50 for every transaction of NGN1000 and above. The receiving account pays the NGN50

  • Adey January 20, 2016 at 8:52 am

    CBN,This doesn’t make any sense. So you stop COT to start Stamp Duties?!!

  • me again January 20, 2016 at 8:56 am

    are they dumb…..if i want to send money to my friend through bank teller…..i would simply write self or his name on the teller…..who are they playing with…….

    • Debutante January 20, 2016 at 1:34 pm

      Lool. … you are not smart at all

  • cd January 20, 2016 at 9:05 am

    Nigeria,were are we headed??? God please take charge now ohh else i wounder what will be come of the common man in this country.

  • Chi January 20, 2016 at 9:15 am

    Godwin Emefiele kindly vacate that post If you don’t know what to do

    One daft policy after the next

  • Lagosgirl January 20, 2016 at 9:23 am

    Doyin Okupe rightly said it is either Goodluck or badluck! Now see gbese upon gbese bad luck! Booohari Booohari booooooohari is a badluck. APC chain!!!

    • Sansarai January 20, 2016 at 11:05 am

      Right….because Buhari appointed Emefiele abi? Nonsense

    • Iris January 20, 2016 at 12:25 pm

      Goodluck appointed Emiefele so technically…
      Besides, even though I don’t agree with a lot of these financial changes, why are they trying so desperately to generate cash? Under whose tenure did foreign reserves finish?

  • Mz A January 20, 2016 at 9:37 am

    So for every 10, 000 they take 500 and then a additional 60naira ( if u are like me that use just about any machine in sight). So you are left with 9440 so you withdraw 9000, forfeitin 1000 which is probably your profit for the entire transaction.
    1. Small businesses like mine will suffer. I’m very angry. Do I now start charging extra 50naira on every 1000. Wont that lead to inflation?
    2. Why new policies everyday? Very confused bunch of economics in that central bank.
    The cashless rubbish won’t work right now, pay me cash I will deposit by myself to save 50naira.

  • Ada January 20, 2016 at 9:38 am

    please read well. the N50 is not per N1000 but for transfers above N1000. Would you rather trek or take transport to collect the cash

  • ATL’s finest January 20, 2016 at 9:41 am

    Apparently, it’s just getting worse and going down the drain.. I’m wondering who came up with this equation smh.

  • Krasavitsa January 20, 2016 at 9:41 am

    Does this mean I’ll lose #50 for every #1k that enters my account??? Tbh, I’m a bit confused; money-talk and economics does that to me. From my little understanding of this, it’s better to receive my salary, monetary gifts etc by hand and of course give my siblings money the same way. Do these people realize that 50 naira is too much??! How do you make the common man pay for the sins of thieving government officials?? Is it our fault oil prices are dropping or that our economy has a demonic over-dependence on oil (I think understanding is slowly coming to me! yay!) So, if I send someone 100k they’ll lose 5k! What if I don’t have the extra money???? I really should consider saving my money under my bed. Let’s all sit back and watch Nigerians abandon their accounts, save money in their houses and of course an astronomical rise in armed robbery cases. Foolish CBN!

    • whocares January 20, 2016 at 12:14 pm

      same here i don’t get economic talk, but this isn’t so bad. Wait let me finish, it is in keeping with most banking practises I am aware of.. for example if i want to transfer money physically at the bank, say a large sum of money from my account into another person’s bank account with a different bank they usually charge anything from 20 upwards I think for transaction cost and they require you the person paying in to pay that fee. That is why most people do electronic banking now to avoid the oloribu costs (not me though.. cyber warfare is real. people. lool. ) Applying this rule in the reverse to recipients is a nuisance and although I understand the CBN is playing catchup etc how does it make sense to reduce the intended money for the recipient. I think it is the person transferring the money that will most likely end up paying that 50 naira as a matter of practicality because the money you have to send if its a stipulated amount must be intact. it is a nuisance to be sure but it is not the beginning of apocalypse like some people seem to think.

    • Onyie January 20, 2016 at 12:24 pm

      You’ll need to take time to read before commenting. Seriously. The article stated N50 for transfers above N1000 NOT PER N1000. Plus it only applies to current account holders so you can still manipulate this by making more transfers from your savings account.

      For all of you complaining about everything the government is trying to do to save the economy, can you please give suggestions on how they can do this successfully? I mean you guys don’t want them to borrow or tax you to fund the budget. Diversification isn’t going to have any immediate effects so what exactly do you guys want the government to do with regards to raising funds to run the country?

  • A raving beast January 20, 2016 at 10:09 am

    this is extremely stupid! bank customers already pay ATM withdrawal charges, VAT on cash transfers etc. Is this the President’s plan for economy diversification? Working Nigerians already pay one zillion taxes( at least for me a worker living in Lagos) Instead of going after the Nigerians who crippled the economy by colossally looting federal accounts he is making the ordinary Nigerian pay for their crimes. At least they should have made the charge monthly. 50 naira per transaction is outrageous! Unless this is a short- term plan. As usual our legislators keep mute when we need them most.

  • Someone Naughty January 20, 2016 at 10:48 am

    Does electronic include receiving POS payments? A small business like mine that sells in small units and receives payments of N1000 up a lot will be suffering with this N50 stamp duty. How are SMEs to survive?

  • Frank January 20, 2016 at 11:12 am

    That’s the price we pay for corruption. Now we would wake up and condemn PDP and their cohort’s corruption. Federal Government has to raise money somehow, now that our petrol is worthless after factoring in the cost of production and the extras. Are we STILL going to be standing by and saying “He no Consign me, Chop I CHOP”? This stamp duty is small; more is coming by way of AUSTERITY. The reality is that the govenment has to provide services (Road, security, salaries, defence, etc) and its from petrol(oil revenue) and taxation that revenues are generated from. We need to start tightening our belts. When we had the resources (funds) we did not manage it well, now is the day and time of reckoning. The chickens have finally come home to roost Look at Dubai, for God’s sake. A country with less resource than Nigeria. GOd SAVE NAIJA. Amen.

    • TheRealist January 20, 2016 at 1:30 pm

      @Frank, why should we the people be the ones paying for their corruption? And abegi don’t give me that PDP-APC nonsense because half of those APC folks were in the PDP not too long ago. Rotimi Amaechi built a nonfunctional tram to nowhere in PH with billions of my tax money and was literally rewarded with thre post of Transportation Minister, while I should be punished with this BS stamp duty? Only in Nigeria!

    • jw January 20, 2016 at 3:53 pm

      Think you need a rethink APC is worse than PDP..imagine this crap and u stay saying its a price we must pay..2019 is around the corner.. APC would leave office watch it..is this the only way to generate revenue..tunder fire Rubbish ..this isis corruption at its highest

  • Ready January 20, 2016 at 11:26 am

    It is for CURRENT ACCOUNTS ONLY!

    Merchants and their unions, e-commerce sites and the likes, SMEs and entrepreneurs, SMEDAN, MAN, and LCCI should be at the forefront of reacting. Yes, consumers might be affected but please let’s react after comprehension. SAVINGS ACCOUNTS are not affected!

  • nene+ January 20, 2016 at 11:36 am

    I am amazed at this anti people policies. This is irrespective of using internet or manual transfers? So if I pay several people daily you charge multiple? The people now bear the brunt!!!!
    Instead of government to apply persuasion such as grant amnesty to repentant thieves from all political side! They return these monies and it redistributed rather the masquerade dance that will go no where because his own thieving friends are shielded so his enemies thieves will prove extremely difficult upon sighting an unfair fight!

    My advice to CBN, the masses shouldn’t be funding the political luxury! Don’t let this apply to the poor. Pegging it at 1000 means every one is trapped irrespective.

    If we shouted Jonathan spent 1 Billion for food in bouyance why wiill buhari spend 1.7 Billion in famine?
    Wildlife preservation in aso rock rose from 24 million to 317 million????
    Travel allowance increased and so on……..

    Well seeing Fashola and Fowler in Buhari cabinet and Commissions tells me more hardship!! Toll gates and extra taxes.

    Ordinarily this should have kept at best for the rich and middle class not a bricklayer who will now get 845 instead of 1000 after paying 105 + 50 stamp.

    At the end of the day this is worse than COT. Yet road, school, recreation, health, job is not provided! NEPA bill on the rise, toll fare waiting why then did buhari and elrufai say they have recobered luuut?

    Will PDP thieves cooperate when Amaechi, Fayemi, Fashola are shielded despite several public out cry by his senators protest????

    Catch all thieves and they will cooperate, accept that your own campaign was also a looted fund and make all refund their savings!

    But when you cover yours, my dear president I won’t cooperate with you! If you like tie Metuh hands with shackles and fetters he won’t cooperate! So long as Amaechi is your beloved spotless! Where is ada nnewi tho? No shades!!

    • Oyel January 20, 2016 at 2:39 pm

      You are looking for ada nnewi? Try looking under your table na, lmao!!

    • nnenne January 20, 2016 at 4:37 pm

      A good leader, leads by example.
      He/ she is consistent and fair to all. Sacred cows and inconsistency, breeds road blocks.
      To halt corruption in Nigeria, everyone need to be tried, living and dead, so we can have a new beginning.
      Otherwise, don’t try anyone at all.
      Put practices in place, that will deter people from stealing. The irony is the that stealing is still going on in spite of the noise and enemy hunting.
      Nigerians know the real looters and they know themselves.

  • Niola January 20, 2016 at 12:00 pm

    @Raving beast he is going after the Nigerians who stole our money naa but people are complaining that they should focus on governance now.. . Country is sooo broke, a mono cultural country dependent on only oil must suffer in the wake of the oil price decline, also the heavy looting from the past government was man at the height of sheer wickedness….. Me I am just tired of paying for the sins of everybody who ever stole Nigeria’s wealth, so I am decreeing a wealth transfer from the thieves to God’s chosen people(like myself o..lol)

  • Sammie January 20, 2016 at 12:30 pm

    The organized private sector shd sue the CBN over these policy reversals! Surely someone should bear the brunt of the revenue lost due to their not well thought through FX restriction policy! I guess book knowledge isn’t enough when u need it the most!

    I am yet to see the economic vision of this administration. The 2016 Budget is still heavily reliant on Oil.

    Lastly, I am amazed the health minister is yet to address the public on the Lassa Fever scare. Or is he wishing or praying the problem away?

    • nnenne January 20, 2016 at 4:42 pm

      Am sorry, but ABC didn’t have any real economic agenda right from the campaign days.
      People were just carried away by emotions and…..

  • Oyel January 20, 2016 at 1:30 pm

    Peeps, crude oil is now $28 per barrel, the earlier people face the reality of the economic situation, the better.
    CBN though, very confused set of people, won’t be surprised if they reverse this tomorrow.

  • Frank January 20, 2016 at 2:29 pm

    @TheRealist, It’s our faults because we endure it silently by our actions, silence and conducts when it comes to corruption in this country. Please don’t cry, He no Consign me, don consign us now oooooooooooo. Some people don’t learn until they suffer and in my opinion that is Nigerians. . May be this will make us sit up and start taking a stand against corruption and bad governance. My question is where are the trade unions, Activists, and focal groups, and the foolish and stupid musicians and artists who collected money from the last government. Remember Julius Agus’s words “There is poverty in the land.” The chickens have finally come home to roost. We better stand up and smell the coffee and face reality. The fight against corruption and indiscipline must be fought squarely. The way forward for Nigerians is to first take a stand against corruption, regardless of if they are your family or not and then challenge the new government about their policies and governance. Anything apart from this is a mere wish, which would never happen. WAR AGAINST INDISIPLINE MUST BE RESURRECTED AGAIN” By the way, FKK (Fani Kayode) has been silent, stopped talking trash, when he realised the fire is getting closer to home.

    • TheRealist January 20, 2016 at 3:58 pm

      @Frank, but we are not being ‘silent’ if we are speaking out against this surcharge, are we?

      BTW, while I agree that there is “poverty in the land”, it is principally a poverty of ideas, of honor, of morals and of good governance, among others. You cannot be preaching austerity and sacrifice to the masses while setting aside almost N40 billion to run the Villa (or devoting 70% of the budget to recurrent expenditure – which means that N7 out of every N10 is used by the government to maintain ITSELF)!. Haba!!

    • Angel January 20, 2016 at 7:53 pm

      Are we still on kwaaruption kwaaruption talk? Meanwhile oil price is still going down, y’all better get a grip. someone said this is the price for years of kwaaruption but I beg to differ, this situation is more like the price you pay for ignorance, you know the saying…. ignorance is more expensive.
      Nigerians are all about paper qualifications and nothing else, when it comes down to the real deal, you can’t find anybody with the required skills, brains and all, to do the needful, I wonder where this country is headed honestly.

      I suggest the CBN consult the services of international experts, because it’s becoming obvious they have no idea what they are doing. There is a reason why there are experts in certain fields, consult them biko. UAE for instance makes use of such experts – they are the unsung heroes behind those their sky scrapers and much more.

  • 50 Naira January 20, 2016 at 2:31 pm

    So they still in billions and yet the poor masses are still being pressed 2 save d economy…pathetic

  • prince January 20, 2016 at 3:00 pm

    I have nothing to say

  • peace January 20, 2016 at 3:26 pm

    my own is. is this practiced anywhere else in the world or is it just in this our dear “poor”country?

  • Taipan January 20, 2016 at 3:34 pm

    I just dey waka pass

  • Nuvo January 20, 2016 at 3:46 pm

    Well the thing is if we do not go through this process now to strengthen the economy, it’s better for us to suffer now and our children enjoy a better Nigeria than for us to keep patching and a few people stacking away billions while we turn a blind eye because we are still “okay” , I’d rather we go through this process, the government might not have all the solutions because there are not super humans at the end of the day, but it’s better to try out some polices and see if it works than to do nothing all . There is absolutely no policy that would be favorable to everyone, some people would still bear the brunt .

    • TheRealist January 20, 2016 at 4:12 pm

      @Nuvo, oil and gas constitutes less than 15% of Nigeria’s GDP, so why does it account for 75% of government revenue? I tell you why – windfall mentality, free-loading, rent-seeking, chop-chop, etc! If the government can simply tax us more to make up for the shortfall in its revenue (70-80% of which it uses to maintain its bloated self – as recurrent expenditure), it will be business as usual (Villa vote for 2016 is bigger thaan for 2015) and therefore our children will NOT enjoy a better Nigeria.

    • Chi January 20, 2016 at 4:13 pm

      I m not ready to go through any process.

      They better go and look for where they stashed the looted billions in Switzerland and leave people alone with their N50!

  • jwezee January 20, 2016 at 3:56 pm

    Nigeria am sorry for you all…. Is this the only bloody way to generate revenue? ….this is pure *BS with extra toppings… APC has done absolutely nothing since they got into power…fake ass rubbish change

  • YUMMY CHICK CUM MUMMY January 20, 2016 at 4:15 pm

    mshew. i shake for this country, while poor masses will suffer in everything, so even if u wan 1000 , dem go comot 50….. pathetic. after they wil loot the money in the end. that is just the most painful part ………

  • nnenne January 20, 2016 at 4:55 pm

    Buhari and Nigerians, know the real thieves.
    Go after all of them and quit this noise making.
    Sacred cow syndrome is our major problem.
    If GEJ is the architect of Nigerian problems, we would have been like Dubai before he got here.
    History has it that our money was once worth more than the dollar. Most of the players then are still alive. Let’s stop pretending. Even if they are dead , we know where to find them.
    Truth is the only thing that will set us free!

  • Ada G January 20, 2016 at 5:53 pm

    Here in the States, when you receive a wire transfer (depending on your bank ) you pay a fee. When I received transfers from my parents I always got charged a fee of $16 regardless of what the amount was. I know of another bank that charges $35. So I don’t understand why this is such a bad thing. In these “first world” countries, the citizens have always contributed financially to the running of their country..

    • Observaunt January 20, 2016 at 7:10 pm

      Commercial banks already charge fees for electronic transactions. This is similar to what you are describing, a cost imposed on transactions to support operational costs of the banks that provide this infrastructure. However, what the CBN is imposing is tantamount to a tax on financial transactions which is wild. This is bad for many reasons but I will speak only on two.

      1) Yes taxes are one way for a government to raise money but it is also a common system for income distribution. In a country with such great income inequality a regressive tax policy like this that disproportionately affects the poor will only make things worse.

      2) Financial markets in Nigeria have grown significantly in the past few years due to efforts of other CBN governors to increase confidence in the system and create incentives for the poor to join the formal financial system. Now think of the tax on cigarettes for example that is levied to discourage people from smoking, This fee will have a similar effect of dissuading people from performing their many financial transactions through the banks. This is just counter to the role of the Central Bank.

      Lets not even get to the issue of whether a Central Bank should be engaged in fiscal policy. Nigerians have every right to be outraged. I can assure you that Janet Yellen and her predecessors would agree that this policy is ridiculous.

  • Adelodun January 20, 2016 at 7:42 pm

    I really don’t think this is fair on tax payers. After paying tax u still pay 50naira on transaction. This is cheap stealing from citizens and this would cause unnecessary increase in purchases.

  • Bridjoo January 22, 2016 at 11:47 am

    No sir. You can’t write ‘self’ or his name on the teller because the account owner has his/her picture on dt account so they will know its not ur account

  • ak January 25, 2016 at 5:30 pm

    My dear:

    Your understanding of this issue is incorrect.

    These charges affect not just Wire transfer (which has always had a fee whether in NG or in US) but also ACH transfer

    ACH transfer is also known as Direct Deposit… This transfer is done by banks every day as part of their duties (they move money between themselves all day and also within accounts and so on through this avenue). This DD is also a means for employers to send money to individual accounts and also for people to send money to other accounts, and as such is typically free since banks perform this function daily.

    This change by CBN means it is no longer free if over 1000 naira. And it is not sensible since this is a core duty of banks / part of their daily tasks everyday.

    It is like charging us a fee for receiving help from the Police.

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