Banks to deduct stamp duty for Dec 2016 transactions in May 2017

Deposit money banks (DMBs) say they will deduct stamp duty for transactions carried out in December 2016 and January 2017 in May 2017.

According to banks, the move is as a result of a circular from the Central Bank of Nigeria (CBN),

“Following CBN directive, please note that we will be retrieving stamp duty on all your Dec 2016 and Jan 2017 transactions,” a commercial bank said in a text message to it customers.

Isaac Okorafor, the acting director of corporate communications of the CBN, said the directive was as a result of a court order.

“It is in compliance with the order of a court,” Okorafor said in a message to TheCable.

The development comes at a time Nigerians are struggling to cope with the economic hardship in the land.