The Central Bank of Nigeria has imposed a 0.5% cybersecurity levy on electronic transactions, set to take effect on May 6, 2024.

Telecommunications companies, financial institutions, and the Nigerian Stock Exchange are to start paying the levy from May 20, 2024.

Revenues from the levy will contribute to the National Cybersecurity Fund, and failure to comply will incur fines of at least 2% of the entity's annual turnover.

Certain financial activities, such as salary payments and loan disbursements, have been carved out as exemptions from the new levy.

Recent policy shifts by the CBN, including the reversal of a crypto ban and potential peer-to-peer transaction limitations, have sparked debates on financial inclusivity.

Fintech companies in Nigeria are responding to CBN's policies by restricting accounts linked to cryptocurrency transactions.

Public opinion, as reflected on social media and by prominent figures, shows significant opposition to the cybersecurity levy amid economic concerns.