The House of Representatives has decided not to continue with a proposal to suspend the cybersecurity levy. The cybersecurity levy, a new policy recently announced by the Central Bank of Nigeria, CBN, has elicited criticism from Nigerians. A lawmaker, Manu Soro, raised a concern during Wednesday’s session, pointing out that the proposed levy is ill-timed […]
Nigerian banks’ loans to private sector drops by 11.93% in March – CBN
Nigerian banks’ loans to private sector declined by 11.93 per cent in March amid rising interest rates. Data from the Central Bank of Nigeria, CBN, showed that loans to the private sector dropped to N71.21 trillion at the end of March 2024 compared to N80.86 trillion in February 2024. On a quarter-on-quarter basis, banks’ private […]
CBN eases restrictions on repatriating of proceeds by IOCs in Nigeria
The Central Bank of Nigeria, CBN has eased its restrictions on repatriating oil and gas export foreign exchange proceeds by International Oil Companies, IOCs operating in the country. In a recent circular by its Director of Trade and Exchange, Dr Mahmoud Hassan, the CBN said that IOCs can now use oil and gas export proceeds […]
CBN releases list of licensed Deposit Money Banks in Nigeria
The Central Bank of Nigeria has announced 44 lists of licensed deposit money banks in Nigeria. The apex bank disclosed this in a list released on its official website on Tuesday. According to CBN, Seven banks, including Zenith Bank, Access Bank, First Bank, First City Monument Bank, United Bank of Africa, Fidelity, and Guaranty Trust […]
CBN orders Nigerian banks to suspend cash deposit charges
The Central Bank of Nigeria has ordered banks to stop charges on cash deposits. The apex bank disclosed this in a May 6, 2024, circular signed by its Director of Banking Supervision, Adetona Adedeji. The apex bank noted that the suspension will last until September 30, 2024. The development comes as Nigerian banks charge two […]
NLC differs on CBN’s cybersecurity levy
The Nigeria Labour Congress, NLC, has rejected the recent order by the Central Bank of Nigeria, CBN, of 0.5 per cent cybersecurity levied on electronic transfers. NLC President Joe Ajaero stated the NLC position in a statement made available to newsmen on Tuesday in Abuja. Ajaero was reacting to a recent circular issued by the […]
Nigerians react to new 0.5% cybersecurity levy
“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.” The post Nigerians react to new 0.5% cybersecurity levy appeared first on Premium Times Nigeria. Powered by WPeMatico
Order CBN to stop 0.5% charge on electronic banking transactions, SERAP urges Tinubu
16 banking transactions exempted from cybersecurity levy (FULL LIST)
CBN 0.5 percent cybersecurity charges: List of transactions exempted from payment
The Central Bank of Nigeria, CBN, on Monday, mandated all banks in Nigeria to collect and remit a 0.5 per cent cyber security levy to the office of the National Security Adviser. DAILY POST reported that it gave this notice public through its directors of Payment System Management and Financial Policy and Regulation Departments, Chibuzor […]