Tag: n50
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Just in: Nigerians to pay more tax as FG begins N50 Electronic Money Transfer Levy
The Federal Government of Nigeria has started a new levy on electronic money transfers. Starting September 9th, 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 and above paid into personal or business accounts. The levy, which is in compliance with the Federal Inland Revenue Service (FIRS) regulations, will not…
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N50 POS charge to be paid by businesses not customers – CBN
The Central Bank of Nigeria (CBN) has urged customers not to pay N50 charge to businesses for using point of sale (POS) machines. Musa Jimoh, a director in CBN’s payment system management department, explained the apex bank’s merchant charge directive on Monday. “The stamp duty is a fee regulated by an act. The CBN doesn’t…