CBN Targets N50bn from Cybersecurity Levy on E-Transactions by 2024
The Central Bank of Nigeria (CBN) is projected to generate N50bn by the end of 2024 through a 0.005% cybersecurity levy on electronic transactions, according to economic analysts.
Vincent Nwani, an economist and investment expert, noted that electronic payments between 2022 and 2023 reached N987tn, yielding an estimated N49.35bn from the levy. In 2022, transactions amounted to N387tn, generating N19.35bn, while 2023 saw a jump to N600tn, bringing in N30bn.
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Nwani also highlighted a 27.85% increase in point-of-sale (PoS) transactions, from N8.39tn in 2022 to N10.73tn in 2023. The N100 fee on every N5,000 withdrawal cost Nigerians a total of N214.6bn in 2023.
David Adonri, Vice Chairman of Highcap Securities, attributed the surge in electronic payments to the CBN’s cashless policy and naira redesign. Despite opposition from President Bola Tinubu and the House of Representatives, the CBN is firm on enforcing the levy to fund the National Cybersecurity Fund.
Source: Punch
https://punchng.com/cbn-eyes-n50bn-from-cybercrime-levy/
