Outrage has greeted the new CBN directive to banks to start charging 0.5% cybersecurity levy on some transactions.
The apex bank said the deductions would 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.
However, many Nigerians have expressed their disappointment with the new directive.
Read the divergent reactions below…
@donearlylife: “There’s ATM maintenance charges,
AND THEN THERE’S ALMIGHTY NEW CYBER SECURITY LEVY
Vat charges
stamp duty charges
Electronic transfer level charges
Also 6.98 charges for ussd transfers
This is different from transfer charge attached to any amount you want to send through your account
We keep on paying taxes yet nothing to show for it
@Itzpelumi: “So if I make a transaction of N1,000,000 naira the bank will charge me N5,000 and N50 for stamp duty ?”
@OnyxEyefee: “If Nigerians do not protest this criminality, I wonder what more needs to happen before they wake up from their trance. This is an illegal tax that must not be allowed to see the light of day. Nigerians should call their reps in the national assembly to push back on this asap!”
@iam_Reedone: “They’re successfully widening the tax net”
@CyndiGold2: “Yes!
@OurFavOnlineDoc: “ Tinubu During his Campaign made only two promises.
1) To Widen Tax Net
2) To Reduce Purchasing Power!
@AdewoleMuizz: “What can we do as citizens to fight this? It’s draining tbh, these people are frustrating Us.”
