The Central Bank of Nigeria (CBN) has issued Circular PSM/DIR/PUB/LAB/017/004 of 6 May 2024, instructing all banks, financial institutions, mobile money operators, and payment service providers to withhold a 0.5% "Cybersecurity Levy" on all electronic transactions. The levy is applied at the point of electronic transfer origination and remitted on a monthly basis by the 5th day of the following month. However, several exemptions from the levy are provided in an appendix to the Circular, including: Loan disbursements and repayments; Salary payments; Intra-account transfers within the same bank or between different banks for the same customer; Intra-bank transfers between customers...