Cybersecurity levy: Why Nigerian govt should suspend 0.5% charge on electronic transactions

The Centre for the Promotion of Private Enterprise,

, has asked the Nigerian government to suspend its 0.5 per cent cybersecurity levy on all electronic transactions in the country's banking sector. director Dr Muda Yusuf disclosed this in a statement condemning the levy. The Central Bank of Nigeria on Monday mandated all banks and operators in the country's financial sector to collect and remit a 0.5 per cent cybersecurity levy to the National Security Adviser. However, due to Nigerians' hardship,

described the additional levy as badly timed. The economic think tank noted that it would be difficult to rationalise the amount that will be accrued to the government from the levy on cybercrime. According to the statement: 'The recent announcement by the Central Bank imposing a 0.5 per cent levy on all electronic transactions in the economy is a major cause for concern. 'Businesses and the generality of citizens are yet to recover from the shocks of current reforms.

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