Nigerian citizens have voiced their opinions on social media platforms following the Central Bank of Nigeria’s (CBN) recent directive to banks to implement a 0.5% cybersecurity levy on transactions. According to the CBN, the collected funds will be deposited into the Cybersecurity Fund, which is managed by the apex bank.

In a circular dated May 6, 2024 and sent to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers, the deductions will take effect in two weeks.

The apex bank mentioned that exempted from the levy include loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank. Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, ⁠Letters of Credits, ⁠Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings and deposits including transactions involving long-term investments, among others.

Nigerians have taken to social media to react to this development with many expressing their disappointment with the new directive.

Read the divergent reactions below…