Stamp duty on bank transfers
Under the Nigeria Tax Act, 2025, an electronic transfer or receipt of money carries a fixed stamp duty of ₦50. Enter your usual transfers to see what it adds up to.
How it's calculated
- The duty is a fixed ₦50 per transfer, paid by the person who sends the money.
- Transfers below ₦10,000 are exempt, and so are transfers for salary payment and transfers between your own accounts in the same bank.
An example
Twenty transfers of ₦50,000 in a month cost ₦1,000 in stamp duty, or ₦12,000 a year.
Frequently asked questions
Who pays the stamp duty?
For an electronic transfer, the person sending the money.
Is a transfer of exactly ₦10,000 charged?
Yes. Only transfers below ₦10,000 are exempt.
Do I pay it when I move money between my own accounts?
Not if both accounts are in the same bank. Moving money to your own account in another bank is not listed as exempt.
Key terms
- Stamp duty
- A tax charged on documents and transactions, here a fixed amount per transfer.
- Intra-bank transfer
- A transfer between accounts at the same bank.
Up-to-date official data
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