The Ministry of Finance, Budget, and National Planning has instructed commercial banks to begin imposing a N50 electronic transfer charge on domestic accounts (foreign currency accounts).
This was notified by Stanbic IBTC to its clients in a note dated March 8th.
“We are writing to inform you of recent modifications to electronic money transfer transactions. The Minister of Finance, Budget, and National Development has recently released the Electronic Money Transfer Levy (EMTL) Regulation, according to the notice.
“In accordance with the Regulation, the EMTL levy of the foreign currency equivalent of N50 now applies to the transfer of monies into resident accounts. EMTL shall apply immediately to qualified inflows into resident accounts.”
The tax, which is typically collected by banks on behalf of the government, was once restricted to naira accounts and is now effective immediately.
With the new development, however, a dollar or pound account holder will pay the equivalent of N50 in EMTL at a rate decided by the Central Bank of Nigeria (CBN).