The recent directive from the Central Bank of Nigeria (CBN) instructing banks to implement a 0.5% cybersecurity levy on transactions has sparked widespread reactions across social media platforms among Nigerians. This move by the apex bank entails that these deductions will be consolidated and channeled into the Cybersecurity Fund managed by the CBN.
As outlined in a circular dated May 6, 2024, addressed to all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators and payment service providers, the levy is slated to take effect within two weeks from the issuance of the circular. However, certain transactions have been exempted from this levy, including loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank, inter-branch transfers within a bank, cheque clearing and settlements, Letters of Credits, Banks’ recapitalisation-related funding, bulk funds movement from collection accounts, savings, deposits, and transactions involving long-term investments, among others.
This announcement has elicited mixed reactions from Nigerians on social media, with many expressing their disappointment and concerns regarding the implications of this new directive on their financial transactions and overall economic landscape.
See their reactions below…
