On 15th January 2016, the Central Bank of Nigeria (CBN) issued a circular, “Collection and Remittance of Statutory Charges on Receipts to Nigeria Postal Service under the Stamp Duties Act” (the Circular) to all Deposit Money Banks (DMBs) and other Financial Institutions (FIs) in Nigeria. This initiative was part of the Federal Government (FG)'s efforts to boost revenue collection in the non-oil sector following the oil price nosedive and reduction in related oil sector receipts.
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