The Ministry of Finance, Budget and National Planning has directed commercial banks in the country to start charging N50 electronic transfer levy on domiciliary accounts (foreign currency accounts).
This was disclosed by Stanbic IBTC in a notice to its customers on Wednesday, March 8.
“We write to notify you of recent changes impacting electronic money transfer transactions. The Electronic Money Transfer Levy (EMTL) Regulation was recently issued by the Minister of Finance, Budget and National Planning,” the notice said.
“Based on the Regulation, the EMTL levy at the foreign currency equivalent of N50 is now applicable on the transfer of funds into domiciliary accounts. EMTL shall apply to qualifying inflows into domiciliary accounts with immediate effect.”
The levy, which is usually completed by banks on behalf of the government, was previously restricted to naira accounts and now takes immediate effect.
However, with the new development, a dollar or pound account holder would henceforth pay an equivalent of N50 as EMTL at an exchange rate to be determined by the Central Bank of Nigeria (CBN).
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