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CBN Imposes Cybersecurity Levy on Electronic Transfers

The Central Bank of Nigeria (CBN) has mandated a new levy on all electronic financial transactions to enhance cybersecurity measures across the nation’s banking sector. According to a recent statement signed by Chibuzor Efobi, Director of Payments System Management, and Haruna Mustafa, Director of Financial Policy and Regulation, every electronic transfer will now incur a 0.5 percent cybersecurity fee.

This directive comes as part of an initiative to bolster the security infrastructure of financial institutions in Nigeria, aiming to mitigate the increasing risks associated with digital transactions. The move by the CBN seeks to address concerns over the rising incidents of cyber-attacks and frauds that have targeted both consumers and banks alike.

Financial experts have responded to the announcement with mixed reactions. While some applaud the CBN’s proactive stance in strengthening cybersecurity defenses, others express concern over the potential financial burden on consumers. They argue that the additional costs could discourage the use of digital payment methods, which have seen a significant rise in popularity in recent years.

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