Nigeria, May 10 -- The Nigerian Economic Summit Group (NESG) on Thursday expressed concerns about the timing of the recently introduced 0.5 per cent cybersecurity levy on electronic transactions by the Central Bank of Nigeria (CBN).

On Monday, the Central Bank of Nigeria (CBN) issued a circular to various financial institutions, including commercial, merchant, non-interest, and payment service banks, announcing the cybersecurity levy.

The NESG, in a statement, urged the federal government to reconsider the levy due to concerns over multiple taxation and inflationary pressures burdening Nigerians.

The group pointed out that, amidst escalating inflation and financial exclusion, the timing of the cybersecurity levy is inappropriate given ...