Tag: Transactions

FG directs banks to report monthly turnover of N25m for individuals, N100m for firms FIRS

Ayo OlowoLeave a Comment on FG directs banks to report monthly turnover of N25m for individuals, N100m for firms FIRS

The federal government (FG) of Nigeria has mandated banks and financial institutions to begin reporting monthly transactions exceeding N25 million for individuals and N100 million for firms to the tax authorities. Under the new provisions of the Nigerian Tax Act, financial institutions are required to submit quarterly returns to the Federal Inland Revenue Service (FIRS). […]

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ATM transactions across Nigeria hit 1.56bn in first quarter of 2018

Eben TanimolaLeave a Comment on ATM transactions across Nigeria hit 1.56bn in first quarter of 2018

The National Bureau of Statistics (NBS) says Automated Teller Machines (ATMs) from selected banks across the country recorded transactions valued at N1.568 billion in first quarter. The NBS stated this in its Selected Banking Sector Data for first quarter, 2018, posted on its website. The bureau stated that a total of 457,226,406 transactions valued at […]

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