(3 Minutes Read)
Nigeria has decided to suspend the proposed cybersecurity levy on domestic money transfers. This was disclosed by Information Minister Mohammed Idris, who said that the government has decided to put the new law on hold. The new levy was planned as authorities clamp down on cryptocurrency.
Nigeria has decided to suspend the proposed cybersecurity levy on domestic money transfers. This was disclosed by Information Minister Mohammed Idris, who said that the government has decided to put the new law on hold. The new levy was planned as authorities clamp down on cryptocurrency.
Civil society groups expressed concerns about the timing of the recently introduced 0.5 percent cybersecurity levy on electronic transactions by the Central Bank of Nigeria (CBN).
Subsequently, the CBN was reported to have issued a circular to various financial institutions, including commercial, merchant, non-interest, and payment service banks, announcing the cybersecurity levy.
Read Also:
https://trendsnafrica.com/commercial-banks-in-nigeria-shy-away-from-lending-to-the-government/
https://trendsnafrica.com/imf-reiterates-nigeria-to-stop-electricity-and-fuel-subsidy/
The NESG urged the federal government to reconsider the levy due to concerns over multiple taxation and inflationary pressures burdening Nigerians. The group pointed out that amidst escalating inflation and financial exclusion, the timing of the cybersecurity levy was inappropriate given the current cost of living crisis and increased currency circulation.
