CBN’s 0.5% Cybersecurity Levy: Man Breaks down What the New Directive Means for Nigerians, Laments

  • A Nigerian man abroad has cried out over the new directive from the Central Bank of Nigeria (CBN) that commercial banks should charge a 0.5% cybersecurity levy on all transactions
  • The man explained the implication of the new directive and criticised the government of the day for flying it
  • Mixed reactions have trailed the 0.5% cybersecurity levy as many Nigerians knocked the Tinubu-led administration

The CBN’s directive for commercial banks to charge a 0.5% cybersecurity levy on all transactions has sparked outrage on social media.

Sharing his thoughts on the new initiative, a Nigerian medical personnel in the diaspora, @OurFavOnlineDoc, said it was “crazy at this point.”

Man explains in detail what the new CBN 0.55 cybersecurity levy meansOutrage has trailed the CBN’s 0.55 cybersecurity levy.
Photo Credit: Bloomberg, LinkedIn/Olayemi CardosoSource: Getty Images

Lamenting on X, @OurFavOnlineDoc described it as mass financial stifling. He went on to break down what it meant for Nigerians.

His X post read:

“What the new levy means is if you do 1million naira transfer, the bank will charge you an extra 5,000 naira to be sent to the NSA office for “cybersecurity”.

“And if you send 2million, bank will charge you extra 10,000 naira.

“It’s crazy at this point.

“This is mass financial strangu.lation.”

See his tweet below:

Outrage trails CBN’s cybersecurity levy

@toyone_couture said:

“Did you know if you send 1 million naira to smeone,the bank will now charge you 5k and if you send 2 million Naira, they will charge you 10k for cybersecurity?

“At this point naija government will frustrate peoples life.”

@otakerioghenero said:

“This money is too much, they can’t create job, they can’t sustain people’s business with 24 light and security and you are taxing them heavily this is wickedness.”


“That is to say, if I transfer 1 million naira two times in a week, I’ll be charged #10,000 for cyber security levy.

“This Lucifer Govt has offered me nothing, all it has been doing is to take and take from my sweat.

“Na Ogun go keeeeee APC and its supporters.

“Aiye gbogbo yin ma baje ni se.”

@DiohaRachael said:

“Queue go dey for bank tomorrow ooo cos I dey withdraw all my money.”

@Capolutiti said:

“We accept, move on and adjust as usual.”

@theotherayo said:

“This is ROBBERY! Not stran.gulation, they should leave the cyber insecure please, I repeat this is Daylight robbery!”

@donearlylife said:

“Imagine 0.5% for any amount you send.

“No fixed charges, to think that people account get swayed in less than minute yet the come up with cyber security.

“That’s too outrageous.

“This Tinubu mandate Tufiakwa.

“On your mandate we shall stand.”

Sowore reacts to CBN’s 0.5% cybersecurity levy

Meanwhile, Fox Nigeria previously reported that Omoyele Sowore had reacted to the CBN’s directive for commercial banks to impose a 0.5% cybersecurity levy on all transactions.

He said that like the CBN, the Nigeria Police Force is using the old Cybercrimes Prohibition Act as a tool to cage journalists in the country.

The publisher of SaharaReporters alleged that the police claimed not to be aware of the amendment of the Cybercrimes Prohibition Act 2015 assented to by President Bola Ahmed Tinubu.

Source: Fox Nigeria

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