Vocal Nigerian comedian Lawrence Oluwaseyitan Aletile, popularly known in entertainment circles as Seyi Law, has taken to social media to call out President Tinubu over the new CBN 0.5% charge policy.
The Central Bank of Nigeria’s implementation of a 0.5% cybersecurity fee on all bank transactions has caused a great deal of resentment among Nigerians.
Commercial, merchant, non-interest, and payment service banks were among the financial institutions to receive a circular from the CBN on Monday informing them that the tax would take effect in two weeks on May 6.
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“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.”
“Deductions shall commence within two weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month,” the directive by the CBN read in part.
While reacting to the development, Seyi Law, in a post shared on his official X handle (formerly Twitter), said that the charge is unacceptable and is too much punishment for Nigerians.
‘’It is unacceptable. President Tinubu, Let the poor breathe,” he wrote on his X handle.
