N50 Stamp Duty Not A Bank Levy, Says CBN

The N50 stamp duty showing on many bank transaction alerts is not a bank levy but a federal government tax, the Central Bank of Nigeria (CBN) said on Tuesday.
CBN Governor Olayemi Cardoso told journalists after the Monetary Policy Committee (MPC) meeting in Abuja that the charge originates from tax authorities and banks only act as the collection conduit.

“The stamp duty is not the outcome of the banking system… this is something that emanates from the tax authorities,” he said, adding that banks have a responsibility to ensure the money reaches its final destination.

Governor Cardoso acknowledged that consumer confusion has been worsened by banks sending multiple fragmented alerts for single transactions, producing “a whole slew of different advices” that makes it hard for customers to match debits to specific activities.

He said the central bank is reviewing practical reforms, including consolidating transaction alerts into a single, itemised notification.

The CBN has set up a standing committee to identify and resolve recurring consumer complaints, the governor added, with unexplained charges among the issues the committee will tackle.

The clarification came as the MPC retained the Monetary Policy Rate at 26.5 per cent and kept other policy parameters unchanged at the end of its 305th meeting which held on May 19–20, 2026.