Banks to begin 10% withholding tax deduction on foreign currency deposits interest Jan 1
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,… pic.twitter.com/8r2syIsFgi
— TheCable (@thecableng) December 31, 2025
Banks to begin 10% withholding tax deduction on foreign currency deposits interest Jan 1
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 changes that will apply to banking transactions from the effective date.
The financial institution said the deduction aligns with the Nigeria Tax Act, 2025.