Banks

The Central Bank of Nigeria (CBN) has approved a two-month temporary dispensation allowing authorised dealer banks (ADBs) to continue accepting expired National Agency for Food and Drug Administration and Control (NAFDAC) licences for the…

The Lagos State Internal Revenue Service (LIRS) says it will exercise its legal authority to recover outstanding taxes from non-compliant taxpayers through third parties such as banks, employers, debtors, tenants, and business partners.…

Banks will start deducting 7.5 percent value-added tax (VAT) on banking services, including point of sale (POS) transaction fees, mobile banking transfer fees, from January 19. In an email to customers, Moniepoint Microfinance…

International Banks 1. Access Bank 2. ⁠Fidelity Bank 3. ⁠First Bank 4. ⁠GTBank (GTCO) 5. ⁠UBA 6. ⁠Zenith Bank National Banks 7. Citibank Nigeria 8. ⁠Ecobank Nigeria 9. Globus Bank 10. ⁠Stanbic IBTC…

Nigerian banks will begin deducting a 10 percent withholding tax on interest earned from foreign currency deposits starting January 1, 2026. This is in accordance with the Nigeria Tax Act, 2025. ....stay tuned for…

Banks will start charging senders a N50 stamp duty on electronic transfers of N10,000 and above from January 1, 2026, following the implementation of the Tax Act. The stamp duty or electronic money transfer levy (EMTL) is a…

The Central Bank of Nigeria (CBN) has directed banks and non-bank acquirers to implement multi-factor authentication for foreign card transactions exceeding $200 per day. In a circular dated December 18 and signed by Rita Sike,…

The Central Bank of Nigeria (CBN) says 16 banks have fully met the regulatory capital requirements. Olayemi Cardoso, the CBN governor, spoke on Tuesday during a press conference held after the 303rd monetary policy committee…

Commercial banks have asked customers to link their accounts to their national identification numbers (NINs) or tax identification numbers (tax IDs) ahead of the implementation of the new tax laws. In separate notices to…

Oluwatobi Ajayi, founder and CEO of Nordmotion, a Nigerian vehicle manufacturing company, has accused a major Nigerian bank of refusing to finance the purchase of two Nordmotion Max pickups for a client, citing a policy against…