Business Hilights
Tracking Nigeria's Headline Business News Online

Nigerians may kick as CBN plans to link accounts with TIN

There are still some Nigerians that are still battling issues ranging from account blockage due to multiple names and change of names solution.

This as the Central bank of Nigeria (CBN) is about concluding new policy that will force every bank account to be linked to a taxpayer.

Industry experts say this policy will finally catch Nigerian dodging taxation as like the BVN, accounts will be blocked if tax clearances from tax agency are not presented on demand at banks by account holders.

In line with regulatory requirements, bank customers are now required to update their Tax Identification Number (TIN) with their bank accounts in order to continue to have access to such accounts.

The Tax Identification Number (TIN) is a unique number allocated for the purpose of paying taxes and can be obtained from any tax office across the country.

Banks customers are required to send an email to the various banks, visit any branch of their banks or provide the TIN to their relationship manager for the accounts to be updated.