Nigeria’s central bank plans to charge a levy on domestic money transfers to help fund cybersecurity, it said.<\/p>\n
In a circular published late on Monday, the central bank told all banks and mobile money operators to charge 0.5% of the value of electronic transfers as a cybersecurity levy, starting in two weeks.<\/p>\n
The bank said the funds will managed by the country’s security adviser’s office and that non-compliance will attract a charge of 2% of the institution’s annual turnover.<\/p>\n
The new levy follows a clampdown on cryptocurrency, which officials have blamed for Nigeria’s currency weakness. The naira has hit record lows due to dollar shortages as crypto transactions in the country have flourished.<\/p>\n
In March, Nigeria charged Binance, the world’s largest crypto exchange and two of its executives, facing separate trials on tax evasion and money laundering, which the company is challenging.<\/p>\n
Binance head of financial crime compliance, Tigran Gambaryan, a U.S. citizen, is being held in detention in Nigeria.<\/p>\n
Last month, commercial banks introduced a 2% processing fee for cash deposits from 500,000 naira and above for individuals and a 3% processing fee for corporate transactions from three million naira and above.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria’s central bank plans to charge a levy on domestic money transfers to help fund cybersecurity, it said. In a circular published late on Monday, the central bank told all banks and mobile money operators to charge 0.5% of the value of electronic transfers as a cybersecurity levy, starting in two weeks. The bank said […]<\/p>\n","protected":false},"author":1,"featured_media":9581,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":4,"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"Reuters","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"0","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"0","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"1","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_social_meta":[],"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[32,2362,27],"tags":[2461,175],"class_list":["post-11773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-featured","category-west-africa","tag-cybersecurity-levy","tag-nigeria"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/11773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=11773"}],"version-history":[{"count":0,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/11773\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/9581"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=11773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=11773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=11773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}