Nigerians have expressed their reactions on social media following the new directive from the Central Bank of Nigeria (CBN) instructing banks to impose a 0.5% cybersecurity levy on transactions. According to the CBN, the levies will be pooled and deposited into the Cybersecurity Fund held by the apex bank.
In a circular dated May 6, 2024, and addressed to all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators and payment service providers, the CBN stated that the deductions would commence in two weeks.
The CBN outlined exemptions from the levy, including loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, inter-bank transfers between customers of the same bank, among others.
The announcement has sparked various reactions on social media, with many expressing disappointment with the new directive.
