The introduction of the 0.5 per cent cybersecurity levy on all banking transactions has sparked widespread discontent among Nigerians.
On Monday, the Central Bank of Nigeria (CBN) issued a circular to various financial institutions, including commercial, merchant, non-interest, and payment service banks, indicating that the levy would come into effect two weeks from 6 May.
“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.”
