Glamtush reports that the Central Bank of Nigeria (CBN) led by Yemi Cardoso, directed all banks to commence charging a 0.5 percent cybersecurity levy on all electronic transactions within the country.
This Nigeria news platform understands that the CBN stated this in a circular signed by the Director, of Payments System Management Department, Chibuzo Efobi; and the Director of, Financial Policy and Regulation Department, Haruna Mustafa on Monday, May 6.
The circular, which was directed to all commercial, merchant, non-interest, and payment service banks, among others; noted that the implementation of the levy would start two weeks from Monday, May 6, 2024.
“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,’” the circular partly read.
Highlighted are all the 16 banking transactions that are exempted from the new CBN cybersecurity levy in this piece:
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