(BQ��8��X����G�����/�;AuT}#! The guide released by the CBN contains major changes on electronic transactions’ charges in Nigeria. Federal Government of Nigeria stamp duty charge of N50 on every transaction above N10,000; Stamp duty charge does not apply to salary accounts; Debit card issuance charge of N1 075 ; See product pricing guide on page below. Card maintenance fee has been reviewed to N50 every three month (quarterly), from the initial monthly period. Now let’s get serious, A savings account is primarily for the purpose of saving according to my friend. This will be the first export of Qua Iboe since December 15, 2020, after a fire hit the facility and injured two workers. A regional commercial bank operating in many African countries. Nigeria Current Account - values, historical data and charts - was last updated on January of 2021. Banks accept only a person with a domiciliary account to stand as a referee as most people in Nigeria use either Naira savings account or current account. it is a prestigious bank. In the long-term, the Nigeria Corporate Tax Rate is projected to trend around 30.00 percent in … However, my gtbank domiciliary accounts are listed as current account on my gtbank internet banking profile. Also, the bank charges on the domiciliary account and transactions are quite high depending on the bank. (not applicable if a customer makes more than 4 withdrawals in a month) 1.3 Term Deposit Accounts Negotiable 1.4 Domiciliary Accounts: 1.4.1 Current Accounts Negotiable 1.4.2 Savings Accounts … There is a Central Bank of Nigeria stamp duty charge of N50 on every transaction above N1, 000; The stamp duty charge does not apply to salary accounts; There is a debit card issuance charge of N1, 050 !�L1�b�S�¬gey� ����1��W�$��� ro��29�_J��}t������=����{k��%�XV�����dH��3W7��s��u���"T�P�3(;��w��2���3�9��i����5#V)�7(�}xeK=�]T�ؙ��Df{���LS��ޗ-|bz����>7@���r�&M���ÔHWO�駌_9l7�/m���9��]�R:�Q�Y\S d=���籁G`y�(�%-��R?��`^J+�m�}k�mP7Ǧ�u�}��,���K�� �x�_ڌE�Z���:ē��� ��[w*�D��D��Q�����a]��B� ����/k]_ܾ��2y��sP�l���z��N�_�IS��n�z^� I agree with you, a positive move by the CBN. It read, “Financial Institutions are to note that any breach of the provisions of this Guide carries a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time. This way, maybe their profits will better reflect the state of the economy and be more dependent on turnover, rising and falling with improved and declining economic activities respectively. Corporate Tax Rate in Nigeria is expected to reach 30.00 percent by the end of 2020, according to Trading Economics global macro models and analysts expectations. This time it’s called Stamp duty. endstream endobj 5026 0 obj <> endobj 5027 0 obj <>>>/Rotate 0/Type/Page>> endobj 5028 0 obj <>stream The Central Bank of Nigeria (CBN) has in a circular to all Deposit Money Banks (DMBs), accredited Cheque Printers/Personalisers, and the Nigeria Interbank Settlement System (NIBSS), stated that the revised cheque book will become fully operational from April 1, 2021. Bonny Light, a mainstay Nigerian crude which typically trades at roughly the same level as Qua Iboe, was last assessed 30 cents/b higher. Standard Chartered Menu Close button. Your email address will not be published. The N50 Stamp Duty will be charged for each transaction that is N1000 and above. This account gives you the opportunity to manage your money without paying any transaction charges like as Account Maintenance Fee (AMF) that occurs at Month end but you have to maintained a minimum operating balance on this account. Bill payment via e-channels will attract a maximum charge of N500 from 0.75 per cent of the transaction value subject to a maximum of N1,200. You need a minimum account opening balance of N10 000. [������ Q'`%w%��g�D�D}.�ms��x�?�]��F��%���� �$�T ($D���o������w��cE��_�#��ؿ�>�G���f�H~��i���2W�V�B��5Q��O����D�"��'�g������œ�*w�g�r��xǗ-�Ѵ��[W"��ɿ����f���O����K!��x��w�zś���d ���i����X5?�Ii����s�i�p���yD:ƽ@�� Y=����$� �7�":8� Requires a minimum account balance N15,000.00; Fixed monthly charge N2,000.00; Maximum monthly debit turnover of N5 million. I hope the financial institutions will strictly adhere to these new set of rules. A graduated fee scale for electronic transfers to replace the current flat fee of N50 will begin, as transfers below N10,000 will attract a maximum charge … M�sN The disclosure is contained in a circular that was issued by the CBN and signed by its Director Banking Services, Mr Sam Okojere. What You Get. endstream endobj startxref The decision to restructure the company is in a bid to make it more efficient and profitable to stakeholders, especially as efforts are geared towards overturning a loss of about 1,1723.2% Year-on-Year, earlier made by the company in its last reported financial statement, Q2, 2020, as reported by Nairametrics. You will need an overdraft in Nigeria if you are a trader, you import and distribute imported product, you are a distributor to a local or foreign producer of consumer goods. 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