Ways to avoid banks 50 naira electronic fee in Nigeria (Reasons, Solutions and Benefits)
It's no longer news that all Nigerian normally receives this irritating SMS from banks showing you 50 naira deduction.
Alot of people have changed banks to see if this excruciating pains of 50 naira deduction can stop but all to no avail.
So what do we do now that banks that supposed to pay of interest is now after the little money we're trying to save?
Without missing words, we will be unveiling to you the meaning of electronic money transfer level accross banks.
Why it's envolve and possible avenue to navigate your way on this subject matter.
Dear readers,
Let's jump in proper in today's article...


Introduction | Banks electronic money transfer level (EMTL)
What is electronic money transfer levy (50 naira deduction)
My country people, you may recall that the Federal Inland Revenue Service (FIRS) gave this ultimatum that's trending.
Yes, the inching mandated charge of N50 as stamp duty on electronic deposits of N10,000 and above.
Deposit of 10,000 and above made to all Naira-denominated accounts are to be deducted asap without fail.
Therefore, note that the banks stamp duty charge extends to foreign currency deposits equivalent to N10,000 and above respectively, be it as it may.
So, this basically means that when you receive foreign currency equivalent to N10,000 and above in your local bank account, you're to comply.
Which means that a fee of N50 in the value of the foreign currency received will be charged to your bank account.
However, this is in line with the current directive to Nigerian banks concerning the deduction of Electronic Money Transfer Levy (EMTL) on foreign currency inflows, (money that hits or enters bank account).
Above all, we want to thank you for choosing Nigeria banks like Guaranty Trust Bank Ltd and Union bank.

Overview of electronic money transfer level CBN | All you need to know
Who owns this electronic money transfer level and where does it go to and who regulates it as well?
Just as people are anxious to know, the regulations provide for a singular (individual) and one-off levy of ₦50 on the recipient of any electronic receipts or transfers of ₦10,000 or above, be it as it may.
Therefore, be aware that, for all the equivalent receipts or transfers executed in other currencies, the levy will be charged at the exchange rates determined by the apex bank in Nigeria (Central Bank of Nigeria).

Domiciliary account electronic transfer level implementation

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https://smartbankingguides.com/how-to-avoid-electronic-money-transfer-levy-in-nigeria-all-you-need/
Regards.