Nigerians react to new CBN directive to banks to deduct 0.5% Cybersecurity levy on some transactions

Nigerians have taken to social media to react to the new CBN directive to banks to start charging 0.5% cybersecurity levy on transactions.

The apex bank said the deductions will be put together and paid into the Cybersecurity Fund held by the CBN.

In a circular dated May 6, 2024 and sent to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers, the deductions will take effect in two weeks.

The apex bank mentioned that exempted from the levy include loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank. Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, ⁠Letters of Credits, ⁠Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings and deposits including transactions involving long-term investments, among others.

Nigerians have taken to social media to react to this development with many expressing their disappointment with the new directive.

Read the divergent reactions below…