He noted that the relevant section of the Cybercrime Act is very clear about the businesses that are required to pay the levy, not the citizens.

Three years in, eNaira Struggles as Transactions Crawl to N29bn Nigerians have continued to ignore the eNaira, which has now been used for only N29.3 billion worth of transactions since its October 2021 launch. Unveiled by former president Muhammadu Buhari as a tool to promote financial...

Cybersecurity Expert Endorses CBN's Levy with Cautions A renowned cybersecurity expert, Mr Segun Olugbile, has endorsed the cybersecurity levy introduced by the Central Bank of Nigeria (CBN) but with cautions. Speaking to PRNigeria, Olugbile, who is the president and co-founder of Global Network for Cybersolution (GNC),...

IMF Advices CBN Against Waivers for Deposit Banks The International Monetary Fund (IMF) has strongly urged the Central Bank of Nigeria (CBN) to unwind the regulatory forbearance granted to Deposit Money Banks during the COVID-19 pandemic. It also cautioned against the Federal Government over the proposed...

Nigeria Spends $1.12bn on Foreign Debt Servicing in Q1 The Federal Government spent about $1.12bn on foreign debt service payments in the first quarter of 2024, highlighting the growing burden of external debt on the nation’s finances. Data obtained from the international payment segment of the...

Defer Cybersecurity Levy, NESG Urges CBN The Nigerian Economic Summit Group (NESG) has called on the Central Bank of Nigeria (CBN) to defer the newly announced 0.5% cybersecurity levy on all electronic transactions value as specified in the Cybercrime Act. NESG said this has become necessary...