Nigerian banks now require tax certificate to meet customers’ FX requests

Nigerian banks are now asking customers to submit tax clearance certificates to enable them to get access to foreign exchange. 

Guaranty Trust Holding Company, the holding company of Guaranty Trust Bank, said on Thursday: “In line with the directives of the Central Bank of Nigeria and compliance with the provisions in the Personal Income Tax Act, the submission of your Tax Clearance Certificate is now mandatory for the following Form A requests: School Fees Payment, Medical Bill Payments, Personal Travel Allowance (PTA), Personal Home Remittances, All other Foreign Exchange transactions for individual customers.

“It is important to submit your Tax Clearance Certificate to ensure the smooth processing of all requests stated above.”