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Cybersecurity levy

Cybersecurity Tax: How Multiple Bank Charges Won’t Help Our Tinubu Economy

September 24, 2024

Everyone appears to know the reason for bank charges. But in recent times, there seems to be no end to the introduction of bank charges, many of them taxing the same thing

Survey: 65.8% Respondents Want Interest Rate Cut As CBN Holds MPC Meeting

Business News·News

CBN Reduces Cybersecurity Levy On Electronic Transactions To 0.005%

September 19, 2024

Cybersecurity Levy Slashed by CBN The Central Bank of Nigeria (CBN) has made a significant reduction in the cybersecurity levy on electronic transactions, lowering the rate from 0.5% to 0.005%. This decision

Business News·News·Technology

CBN Directs Bank To Stop Implementation Of 0.5% Cybersecurity Levy On Transactions

May 20, 2024

The Central Bank of Nigeria (CBN) has rescinded its recent directive regarding the collection and remittance of the cybersecurity levy, mandated under the Cybercrime Prevention and Prohibition Amendment Act of 2024. The

CBN’s Cybersecurity Levy Sparks Reactions From Nigerians

News·Politics

SERAP, BugiT, 136 Nigerians, Sue Nigerian Govt Over Cybersecurity Levy

May 12, 2024

SERAP, BudgIT and 136 concerned Nigerians have filed a suit against the Nigerian government over the plan to commence the collection of cybersecurity levy from bank customers across the country.

Cybersecurity Levy: Tinubu Suspends Implementation, Orders Review President Bola Tinubu has directed the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy, which aimed to charge 0.5% on all electronic transactions. The move follows the House of Representatives' resolution asking the CBN to withdraw its circular directing banks to commence charging the levy. The CBN had issued a circular on May 6, mandating banks, mobile money operators, and payment service providers to implement the levy, as provided for in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024. However, the policy sparked varied reactions among stakeholders, with many expressing concerns that it would increase the cost of doing business in Nigeria and potentially hinder digital transaction adoption. Tinubu's decision to suspend the implementation and order a review is seen as a welcome development by many, including the Peoples Democratic Party (PDP), which described the policy as "anti-people" and "insensitive." The Centre for Promotion of Private Enterprises (CPPE) commended the President for listening to the voices of the people, while the Director of Centre for Anti-corruption and Open Leadership (CACOL) urged the Federal Government to consider a total cancellation of the policy instead of a temporary suspension. The Socio-Economic Rights and Accountability Project (SERAP) had threatened to file a lawsuit if the Federal Government did not withdraw the levy within 48 hours, stating that it violates the Nigerian constitution and international human rights obligations. The Nigeria Labour Congress (NLC) also rejected the levy, demanding its reversal and prioritizing policies that alleviate the financial burdens of Nigerians. The development highlights the need for inclusive and consultative policy-making, ensuring that the voices of all stakeholders are heard and considered. As the review process commences, it is essential to prioritize the interests of Nigerians and promote policies that foster economic growth and development.

Business News·News

Tinubu Orders CBN To Suspend Cybersecurity Levy Policy

May 12, 2024

President Bola Tinubu has intervened in the implementation of the controversial cybersecurity levy, ordering a suspension and review. The move comes after the House of Representatives called for a withdrawal of the

Business News

Cybersecurity Levy: Bank Customers To Pay N25,000 For Every N5m Transfer

May 9, 2024

Following the new cybersecurity levy introduced by the Nigerian government through the Central Bank of Nigeria (CBN), bank customers will have to pay N25,000 for every N1 million transfer

Business News·News

CBN’s Cybersecurity Levy Sparks Reactions From Nigerians

May 8, 2024

Nigerians have expressed dissatisfaction with the new cybersecurity levy imposed by the Central Bank of Nigeria on bank customers for electronic transactions.

Obi Reacts To Poor Performance In 2025 UTME, Calls For Aggressive Investment In Education

Politics

Cybersecurity Levy: Nigerian Govt Milking A Dying Economy – Obi

May 8, 2024

Presidential candidate of the Labour Party in the 2023 general election, Mr Peter Obi, has criticised the latest decision of the Nigerian government to impose a cybersecurity level on electronic transactions, saying

4 Electronic Transaction Levies Nigerians Pay As CBN Introduce Cybersecurity Levy

Business News·News

4 Electronic Transaction Levies Nigerians Pay As CBN Introduces Cybersecurity Levy

May 8, 2024

In the wake of the directive by the Central Bank of Nigeria mandating banks to impose a 0.5% cybersecurity levy on transactions, attention has been drawn to the plethora of other levies

We’re Not Part Of NLC Planned Nationwide Protest – TUC

Business News·News

Why Cybersecurity levy Will Worsen Nigeria’s Hardship-NLC, TUC

May 8, 2024

Nigeria’s move to introduce a cybersecurity levy by the Central Bank has sparked widespread opposition from various quarters, including Nigerian Labour Unions and bank customers. The levy, aimed at enhancing cybersecurity measures,

Energy, Exchange Rate, Transportation Top Three Drivers Of Inflation In Nigeria - CBN Survey

Business News·News

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Cybersecurity levy

Cybersecurity Tax: How Multiple Bank Charges Won’t Help Our Tinubu Economy

CBN Reduces Cybersecurity Levy On Electronic Transactions To 0.005%

CBN Directs Bank To Stop Implementation Of 0.5% Cybersecurity Levy On Transactions

SERAP, BugiT, 136 Nigerians, Sue Nigerian Govt Over Cybersecurity Levy

Tinubu Orders CBN To Suspend Cybersecurity Levy Policy

Cybersecurity Levy: Bank Customers To Pay N25,000 For Every N5m Transfer

CBN’s Cybersecurity Levy Sparks Reactions From Nigerians

Cybersecurity Levy: Nigerian Govt Milking A Dying Economy – Obi

4 Electronic Transaction Levies Nigerians Pay As CBN Introduces Cybersecurity Levy

Why Cybersecurity levy Will Worsen Nigeria’s Hardship-NLC, TUC

CBN Orders Banks To Charge 0.5% Cybersecurity Levy On Transactions

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