Nigeria: Notice for Deduction and Remittance of Electronic Money Transfer Levy on Foreign Currency Transactions

• FIRS has issued a notice to banks to deduct and remit NGN50 as electronic money transfer levy on foreign currency transactions
• Levy applies to transactions with an equivalent amount of at least NGN10,000
• The levy is in line with the Finance Act 2023 and Stamp Duty Act
• EMTL is imposed on the transfer of money deposited in any financial institution on any type of account

Source: ensafrica.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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