CBN’S N50 STAMP DUTY CHARGE. IS IT TOO MUCH?

Late last year, CBN issued a directive for all Nigerian banks to charge N50 on every transaction above N1000, excluding deposits and self-to-self transactions. And early this year, diamond bank was the first to implement it (like they  had been waiting for it! Stingy bank!). Trust Nigerians, everyone shouted and hollered calling the action all sorts of names. Some referred to it as daylight robbery.

Well… I’m not totally against this tax, afterall developed countries use it to generate revenue. But I’m against the amount. It is just too much. Especially when it is deducted as an accumulated backlog. Just one  afternoon, you could start seeing series of messages popping into your phone, all telling you that N50 has been deducted for transactions done with your account since last year. And before you know it N3000 has disappeared just like, never to be refunded.

Nigerians have protested, appealed, but it looks like CBN and the Federal Government are bent on their decision. For me, I think CBN should increase the threshold clause. For example, the N50 is charged on transactions above N1000, but that N50 becomes very significant when it is deducted from N2000. It could make someone handicapped. So why not increase the threshold. Maybe deduct from transaction involving amounts above N10,000?

So far, diamond bank is the only bank that has taken the N50 matter up seriously. Surprising  their customers at will with funny text messages. Nevertheless, such annoying intrusion into people’s bank accounts can be very annoying, especially when it is done much later after the customer must have forgotten about the transaction. This brings me to the final point.

If these banks want to take my N50, good! Let it be taken as my support in tax to the government of Nigeria, but please deduct the N50 immediately, so that I’ll be left to budget my remaining funds. Stop surprising and annoying me at my moments of peace with those messages.

I speak for myself.

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Ebube Emeka

Ebube Emeka is the chief writer at kongonut.com. He loves tech, he's crazy about computers and he is also a digital marketer, web developer and webpreneur. Contact: admin@kongonut.com

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