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BREAKING: FG begins deduction of transfer charges for domiciliary account holders

Nigerians who operate domiciliary accounts will henceforth be expected to pay an Electronic Money Transfer Levy, EMTL.

The levy which takes immediate effect was previously restricted to naira accounts.

Holders of this account will now be expected to pay an equivalent of N50 as EMTL at an exchange rate that will be determined by the Central Bank of Nigeria, CBN.

On the directive of the Minister of Finance, Budget and National Planning, Zainab Ahmed, Deposit Money Banks, DMBs, have began communicated this new development to their customers.