CBN: N50 Charge is Government Tax, Not Bank Fee. MPC Holds Rate at 26.5%

The Central Bank of Nigeria (CBN) has clarified that the N50 charge appearing on bank transaction alerts is a statutory tax directed by the federal government, not a fee imposed by banks.

CBN Governor Olayemi Cardoso made this known on Tuesday, May 20, 2026, after the Monetary Policy Committee (MPC) meeting in Abuja. He said commercial banks only collect and remit the charge, often labelled as “Stamp Duty” on transaction notifications.

“The stamp duty is not the outcome of the banking system. This is something that emanates from the tax authorities,” Cardoso said. He dismissed assumptions that financial institutions introduced the fee independently.

Customer complaints and new committee

Cardoso acknowledged rising public frustration over multiple deductions and confusing transaction alerts. He noted that customers often receive a “whole slew of different advice” for a single transaction, making it hard to identify legitimate charges.

The CBN is considering reforms to simplify transaction alerts. One proposal is a single consolidated notification that itemises all charges linked to a transaction.

Cardoso also disclosed that the CBN has established a standing committee to address recurring customer complaints in the banking sector. The committee will investigate unexplained deductions, poor transparency, and other consumer issues.

MPC holds rate at 26.5%

The clarification came after the MPC’s 305th meeting, held from May 19 to 20, 2026. The committee retained the Monetary Policy Rate (MPR) at 26.5% and left all other key parameters unchanged.

The decision reflects the CBN’s cautious approach to inflation management and economic stability amid persistent price pressures and financial market uncertainties.

Stamp duty changes under new tax law

Earlier, Access Bank, UBA, Wema Bank, Zenith Bank and others alerted customers to changes in electronic transfer charges as the Nigeria Tax Act 2025 took effect on January 1, 2026. Transfers of N10,000 and above now attract a N50 stamp duty payable by the sender, not the recipient.

First Bank and Zenith Bank issued advisories noting exemptions for small transfers and salary payments. The stamp duty is separate from regular transfer fees.