Customers are to present their tax clearance certificate (TCC) before they can access foreign exchange (FX) from banks.
This was seen in a notice to customers on ‘submission of tax clearance certificate for processing FX transactions’, sent out by Fidelity Bank Plc.
“In line with regulatory directives, please note that your current tax clearance certificate would be required to processing the following FX transactions”, the notice stated.
The foreign exchange transactions include personal travel allowances, business travel allowances, school fees, maintenance/ upkeep and medical.
“Consequently, you would be required to upload a copy of your current TCC in addition to all other required documents on the Central Bank of Nigeria trade monitoring system portal for Form A request,” the notice said.
The issuance of TCC to ease the burden of taxpayers is in line with the provisions of Section 101 (1) of CITA LFN 2004 and in conformity with Self-Assessment Regulation, 2011.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
