Nigerians To Pay More As CBN Orders Banks To Charge 0.5% Cybersecurity Levy

There is a recent directive from the Central Bank of Nigeria (CBN) instructing banks to impose a 0.5% levy on all electronic transactions in a bid to bolster cybersecurity measures.

This levy aims to fund the National Cyber Security Fund and enhance cybersecurity infrastructure across the country.
However, this decision has sparked concerns among Nigerians who fear it will lead to increased financial burdens, especially for those already struggling financially.

Additionally, there are calls for transparency in how the funds collected will be utilized and whether they will genuinely address cybersecurity issues effectively.

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