URBANEXPRESSLIVEURBANEXPRESSLIVEURBANEXPRESSLIVE
  • Home
  • Politics
    Politics
    “Followers who tell the truth, and leaders who listen to it, are an unbeatable combination.”— Warren Bennis
    Show More
    Top News
    Ogbomoso: Why Soun’s Feud With  Chief Imam is Threatening Peace-Muslim Community
    September 5, 2024
    How Tambuwal’s Aide Languishes In Custody For Criticizing Sokoto First Lady For Allegedly Spraying Dollars
    September 17, 2024
    Election Updates; How PDP Stands, Win Four Out of Six Announced Results
    September 22, 2024
    Latest News
    Rivers: How Nigerian Judiciary Is Aiding Death of Democracy-Fabiyi
    September 2, 2025
    Totally Illegal-Jale Epelle Says Rivers LG Election Remain Democratic Scam
    September 1, 2025
    Gangs of Desperados That’s What El-Rufai Represents- Presidency Says Tinubu Removal Plot Will Fail  
    September 1, 2025
    Deji Adeyanji Rubbishes Rivers LG Election Results, Says’ It’s Beyond Laughable
    August 31, 2025
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
    • About Us
    • Contact us
    • Advertise
Search
  • Advertise
© 2024 Urbanexpresslive. All Rights Reserved.
Reading: CBN Planning To Raise N50bn From Cybersecurity-Nwani
Share
Notification Show More
Font ResizerAa
URBANEXPRESSLIVEURBANEXPRESSLIVE
Font ResizerAa
  • Home
  • Politics
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
Search
  • Home
  • Politics
  • Entertainment
  • Urban & Rural Lifestyle
  • Column
  • Environment
  • Urban Sports
  • Crime Lence
  • More Links
    • About Us
    • Contact us
    • Advertise
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
URBANEXPRESSLIVE > web-Page > Business > CBN Planning To Raise N50bn From Cybersecurity-Nwani
BusinessDiscover

CBN Planning To Raise N50bn From Cybersecurity-Nwani

urbanexpresslive
Last updated: September 20, 2024 10:33 am
urbanexpresslive
Share
2 Min Read
SHARE

Taiwo Popoola

The Central Bank of Nigeria will be raising N50 billion by the end of 2024 from a 0.005 percent cybersecurity levy on electronic transactions.

The Head of Research, FMDQ Group Plc, Vincent Nwani disclosed in a statement.

His comments come as CBN in its latest document, Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 confirmed the implementation of the cybersecurity levy.

Reacting to the development, Nwani said, “The CBN is expected to raise N50bn from the cybersecurity levy by 2024.”

Data from the Nigeria Inter-Bank Settlement System had revealed that electronic payments reached a combined total of N987 trillion between 2022 and 2023.

Applying the 0.005 percent levy to this total results in an estimated revenue of approximately N49.35 billion.

“For instance, we saw a remarkable 55 percent surge in the total electronic payments, from N387 trillion in 2022 to N600tn in 2023 and the 2024 figure is projected at N999.9tn.

“At 0.005 percent cyber security fees, the Nigerian government will earn N19.5 billion for 2022, N30bn for 2023; 2024 will be equivalent to N50bn [projected figure] from its citizens,” Nwani stated.

Recall that in a notice in May, the CBN Mandated all Banks  in Nigeria to collect and remit a 0.5 percent cyber security levy to the office of the National Security Adviser.

However, amid outrage over the levy, President Bola Ahmed Tinubu ordered its suspension .

You Might Also Like

We Didn’t Reinstate Cybersecurity Levy On Nigerians-CBN Debunk Claims

Trump Govt In Talks with Hamas Over Hostage Release-Leavitt

Stampede: Naomi, Oriyomi Hamzat; Court Fixes Date For Bail  Application

Dabble Not Into Kano Emirate Legal Tussle; Appeal Court Gives Verdict In Split Judgement

President Tinubu Request Senate Confirmation of General Oluyede As Chief of Army Staff

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
Previous Article Naira Appreciates As Dollar Supply Drops At Foreign Exchange Market
Next Article Champions League: Like Cartoon Game-Lookman Reflects On 0-0 Draw With Arsenal
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
136kSubscribersSubscribe
4.4kFollowersFollow
- Advertisement -
Ad imageAd image

Latest News

Real Reason Traders Prefer Naira Over US Dollar-BDC Operator
Business September 3, 2025
How UEFA Changed The Rules Because of Me-Cucurella
Urban Sports September 3, 2025
EPL: His Instinct, Spaniard Trend-Ex-Arsenal Star, Walcott Criticizes Arteta
Urban Sports September 3, 2025
Transfer: Why Hojlund Heartbroken Over Napoli Move, believes he’s Better Than Sesko
Urban Sports September 3, 2025
Executive Master of Transport Management
//

UrbanExpressNews is Nigeria Most Reliable Online News, With Quality Pedigree of Writers made available on the online space.

Download Our App

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

info@urbanexpresslive.com

 

Follow US
© 2024 Urbanexpresslive. All Rights Reserved.
Welcome Back!

Sign in to your account