- The federal government has instructed Nigerian banks to debit customers’ bank accounts from January 31
- The debit is for old foreign currency transactions carried out by customers and will be remitted to the government
- Access, GTB, UBA, Zenith, and other commercial banks have sent messages to customers to expect deductions
Commercial banks have announced plans to deduct customers’ bank accounts and will remit it to the government.
The deduction is for the Electronic Money Transfer Levy (EMTL) backlog on old foreign currency transactions between 2021 and 2023.