The circular states, "In accordance with the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and Section 44 (2)(a) of the Act, a levy of 0.5% (0.005), which equates to half a percent of the total value of electronic transactions by businesses listed in the Second Schedule of the Act, must be remitted to the National Cybersecurity Fund. The fund will be overseen by the Office of the National Security Adviser."

Key points regarding the cybersecurity levy, as highlighted in the CBN circular, include:

The levy, set at 0.5%, is applicable to electronic transactions as stipulated by the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024.

Originators of electronic transactions will bear the levy, which will be deducted by the financial institution. The deducted amount will be clearly marked in the customer's account with the label: "Cybersecurity Levy."

Financial institutions are responsible for deducting and remitting the levy to the National Cybersecurity Fund, managed by the Office of the National Security Adviser.

Deductions will commence within two weeks from the issuance of the circular, dated May 6. Financial institutions must remit collected levies in bulk to the NCF account held at the CBN on a monthly basis, by the fifth business day of the following month.

Financial institutions are tasked with updating their systems to accommodate levy deduction and remittance within specified deadlines. Failure to remit the levy may result in penalties, including fines of up to 2% of the financial institution's annual turnover.

Let ur citizens breathe naaa...they are already finding it hard to survive in ur economy

U collect stamp duty...e no do una....

Still wanna collect another 0.5% of what's left

This government na wah oooo

I hope opay and palmpay ate not included sha