Top 5 Stories Of The Day | Central Bank of Nigeria Orders Banks to Extract a 0.5% Cybersecurity Levy on All Transactions

• Central Bank of Nigeria orders banks to extract a 0.5% cybersecurity levy on all transactions
• NERC orders DisCos to reduce Band A tariff price
• Naira depreciates in black market but gains in official market
• Federal government set to delist naira from P2P platforms
• FRSC forbids Nigerians from carrying fuel in vehicles to prevent fire outbreak

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

Central Bank of Nigeria orders all banks to extract a 0.5% cybersecurity levy on all transactions

The Central Bank of Nigeria (CBN) has instructed that all banks operating in Nigeria begin charging a 0.5% cybersecurity levy on all transactions.

The directive was sent to all banks on Monday, May 7, 2024, with the implementation expected to begin in two weeks. No Nigerian bank is excluded from adhering to this directive as the notice was sent to all commercial, merchant, payment service and non-interest banks nationwide.

The funds gathered from the cybersecurity levy on all transactions will be remitted to the National Cybersecurity Fund, which the Office of the National Security Adviser will administer.

NERC orders DisCos to reduce Band A tariff price

The Nigerian Electricity Regulatory Commission (NERC) has demanded eleven electricity distribution companies (DisCos) to reduce the tariff price of Band ‘A’ customers from ₦225/kWh to ₦206/kWh for May.

According to the statement, “Under the tariff methodology adopted by the Nigerian Electricity Regulatory Commission, a revised tariff order covering May 2024 has been issued by the Commission to the eleven electricity distribution companies.”

Naira depreciates in black market but gains in official market

The naira value has stumbled as it takes a downturn, coming at ₦1,430/$ in the black market section of the foreign exchange market.

This drop represents a 4.38% drop from the previous rate of ₦1,370/$ recorded on May 1. Bureau de Change (BDC) operators claim they buy the dollars at the rate of ₦1,400 and sell at ₦1,430/$.

Meanwhile, the naira seems to be appreciating in the official section of the foreign exchange market as it traded at ₦1,354/$ from its previously recorded rate of ₦1,400/$.

Federal government set to delist naira from P2P platforms

The federal government has decided to delist the naira currency from all peer-to-peer (P2P) platforms.

According to the Director General of the Securities and Exchange Commission, Emomotimi Agama, this was the FG’s decision to tackle the manipulation of Naira’s value in the foreign exchange market.

In March, cryptocurrency platform Binance delisted Naira from its platform due to the bad blood between the federal government and the crypto firm, which included the arrest of Binance detectives.

FRSC forbids Nigerians from carrying fuel in vehicles to prevent fire outbreak

The Federal Road Safety Corps (FRSC) has banned all Nigerians from carrying fuel in moving vehicles to avoid fire outbreak accidents and encourage road safety.

This recent announcement targets motorists, specifically commercial drivers who usually transport fuel in kegs while on the road with passengers.

“The essence of the exercise was to create awareness on the dangers of carrying fuel in jerricans by commercial vehicles. This is so because we have had a series of cases where vehicles involved in road traffic crashes were burnt to ashes, including the human beings inside,” the FRSC sector commander, Christopher Kuje, said.