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The Central Bank of Nigeria (CBN) has recently issued a directive for banks and other financial institutions to implement a 0.5 percent cybersecurity levy on electronic transfers. This measure aims to enhance the security of digital transactions and protect consumers from cyber threats. The circular was signed by Chibuzor Efobi, the director of payments system management, and Haruna Mustafa, the director of financial policy and regulation, on Monday,6th of May,2024.
