Connect with us


Nigerian banks announce new requirement to buy dollars



Nigerian banks have sent messages to customers seeking foreign exchange. on new requirements.
According to the banks, starting from April 1, 2024, customers must now provide evidence of a three-year Tax Clearance Certificate (TCC) to buy dollars.
New requirements to buy dollars
Nigerian banks set new requirements to buy dollars
Photo credit: Nurphoto

A TCC serves as evidence of compliance with tax obligations, ensuring adherence to the stipulations outlined in Section 85 (2) of the Personal Income Tax Act, Cap P8, LFN 2004 (as amended).
Banks’ new requirements to buy dollars

Some of the banks that have sent out the new requirements include Standard Chartered Bank, Fidelity Bank and Stanbic IBTC, Punch reports.
Standard Chartered explained that the requirement applies to new and existing Form A applications processed on the Central Bank of Nigeria’s CBN trade monitoring system(TRMS).
It added that all submitted TCCs will be verified in collaboration with state tax issuing authorities before the approval of any application.

An email notification titled ‘Further Update On Tax Clearance Certificate’ reads:
“Following our previous communication on submission and verification of Tax Clearance Certificate for all FORM A applications, we wish to remind you of the requirement to provide your updated tax clearance certificate.

“Effective 1st of April, 2024, you are required to upload your 3 years TCC for 2021, 2022 and 2023 assessment year for all new and existing FORM A applications on the CBN trade monitoring system (TRMS). All submitted TCC will be verified by the state tax issuing authority before the application is approved.”

Fidelity Bank and Stanbic IBTC had also released similar circulars to their customers, urging them to submit their TCC to get approval for foreign exchange requests, such as Form A applications.