CITN Clarifies: Bank Balances Won’t Be Taxed, Only Certain Transfers Attract ₦50 Charge

Nigeria’s Chartered Institute of Taxation has clarified that money sitting in bank accounts will not be taxed. Instead, a ₦50 stamp duty will apply only to certain electronic transfers above a specified threshold.

The institute explained that the charge is a stamp duty on transfers, not a tax on account balances, and is intended to support fiscal reforms while protecting low‑income earners.

Under the updated policy:

Only electronic transfers of ₦10,000 or more between accounts will attract the ₦50 stamp duty.

Salary payments and transfers within the same bank are exempt from the charge.

The sender, not the receiver, will bear the stamp duty cost.


Officials say these reforms aim to simplify taxation and ease the burden on ordinary Nigerians while clarifying misconceptions around bank levies.