DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Tekedia Forum

Tekedia Forum

Forum Navigation
Please or Register to create posts and topics.

Nigeria Introduces 0.005% levy on all electronic transactions

Nigeria’s Central Bank Introduces 0.005% Cybersecurity Levy on All Electronic Transactions

Nigeria's apex bank, Central Bank of Nigeria (CBN), introduces a 0.005% levy on all electronic transactions conducted by banks and financial institutions: “The CBN shall continue to enforce the payment of the mandatory levy of 0.005 percent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.”'

On this one, the apex bank is following the law. If you have issues, go to your Senator and House member. But with that said, this is a sign of panic for the nation. Simply, with a lost N1.7 trillion revenue from the manufacturing companies due to the perturbations of 2023 via floating of Naira and removal of fuel subsidies, the government is below on revenue via taxation. And whenever that happens in a nation, you open the books. Magically, in 2015, there was this fee in a book. "Implement it", is the next command

Nigeria disarmed itself in 2023 with some policies, and today the nation is looking for money here and there. I wish the nation good luck to discover more ways to improve its books.

Tekedia Mini-MBA edition 15 (Sept 9 – Dec 7, 2024) has started registrations; register today for early bird discounts.

Tekedia AI in Business Masterclass opens registrations here.

Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.