Tax fee to be paid immediately
Following concerns on incidences of abuse of foreign money transfer in Nigeria, the Central Bank of Nigeria, CBN had directed all banks to ensure that all in-bound money transfers to Nigeria be disbursed only to beneficiaries through bank accounts as against earlier practice of presenting approved personal identification. The CBN said where the beneficiary lacks a bank account; payments shall be made only upon the provision of a satisfactory reference from a current account holder in a bank, confirming that the beneficiary is the bonafide owner of the funds. “It’s a welcome development in the banking system,’’ Acheme, a journalist with Voice of Nigeria’s economic and business unit said in reaction to the policy which took effect recently.