Check Out High Amounts Nigerians Will Pay For CBN’s Cybersecurity Charges
The Central Bank of Nigeria (CBN) has mandated all banks operating in the country to enforce a cybersecurity levy on transactions, according to a circular released on Monday, May 6th.
The levy’s implementation is set to commence two weeks from the circular’s issuance and applies to commercial, merchant, non-interest, and payment service banks.
This directive follows up on previous correspondences dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), regarding compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.
Here’s a breakdown of the charges Nigerians will incur for electronic transactions:
Cybersecurity levy: This will be charged at 0.5% on every transaction, with specific amounts as follows:
– N5 for transactions of N1,000
– N50 for transactions of N10,000
– N500 for transactions of N100,000
– N5,000 for transactions of N1,000,000
– N50,000 for transactions of N10,000,000
Exposed!! Popular Abuja doctor revealed how men can naturally and permanently cure poor erection, quick ejaculation, small and shameful manhood without side effects. Even if you are hypertensive or diabetic . Stop the use of hard drugs for sex!! It kills!
Other levies Nigerians pay include:
1. Transfer fee:
– N10 for transactions below N5,000
– N25 for transactions between N5,001 and N50,000
– N50 for transactions above N50,000
2. Stamp duties:
– N50 for transactions between N10,000 and N10,000,000
3. Short Messaging Service (SMS):
– N4 for each electronic transfer notification (applicable to eligible electronic transactions only; customers opting for email notifications are exempt)
4. Value Added Tax (VAT):
– N0.75 on the N10 transfer fee
– N1.875 on the N25 transfer fee
– N3.75 on the N50 transfer fee.
