Banks to begin 10% withholding tax deduction on foreign currency deposits interest Jan 1
[NigerianEye - Nigeria] - 1er/01/2026
Nigerian banks will start deducting a 10 percent withholding tax on interest earned from foreign currency deposits from January 1, 2026. Access Bank, in an email to customers on Wednesday, outlined the changes that will take effect from the specified date. The financial institution stated that the deduction aligns with the Nigerian Tax Act, 2025. “Electronic Money Transfer Levy (N50): Previously charged to the Recipient on transfers of N10,000 or more, this charge will now be deducted from the Sender’s account,” the email reads. “Withholding Tax on Foreign Currency Deposits Interest: (…)
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