The Central Bank of Nigeria has directed all banks to charge a 0.5 per cent cybersecurity levy on all electronic transactions within the country.
"We write to inform you that, effective 1 May 2024, our processing fees structure on cash deposits has been adjusted in accordance with regulatory requirements.
As a result, the following rates will apply:
2% processing fee on deposits above N500,000 for individual accounts.
3% processing fee on deposits above N3,000,000 for corporate accounts.
COST OF ELECTRONIC TRANSACTIONS
CYBERSECURITY LEVY: SENDERS now bear...
₦5 on ₦1,000
₦50 on ₦10,000
₦500 on ₦100,000
₦5,000 on ₦1,000,000
₦50 on ₦10,000
₦50 on ₦100,000
₦50 on ₦1,000,000
₦10 on ≤₦5,000
₦25 on ₦5,001 — ₦50,000
₦0.75 on ₦10 Transfer fee
₦1.875 on ₦25 Transfer fee
₦4 on each electronic transfer notification
*All applicable on eligible electronic transactions
The Trade Union Congress (TUC) in a statement signed by its President, Festus Osifo, on Wednesday, has threatened a massive protest that will shut down the Nigerian economy should the Federal Government fail to cancel the controversial cybersecurity levy recently introduced by the Central Bank of Nigeria. Meanwhile, the NLC President, Joe Ajaero, says the directive is another gang-up by the ruling elite, to continue its extortion and exploitation of helpless workers and the masses on Channel Television
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