Nigeria's independent online newspaper
The Northern Elders Forum says the implementation of the cybersecurity levy for electronic transactions will worsen the financial burden of citizens.
On May 6, the Central Bank of Nigeria ordered banks and other financial institutions to enforce a 0.5 cybersecurity levy on electronic transactions.Suleiman said cybersecurity is crucial in protecting electronic transactions, noting that the country is already facing economic challenges. “The various charges that bank customers now face, including cybersecurity levies ranging from ₦5 on ₦1,000 to ₦50,000 on ₦10,000,000 transactions, transfer fees, stamp duty, and value-added tax.”Suleiman called on the federal government to review the policy and consider other alternative measures that promote electronic transfer and reduce the financial burden on citizens.
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