The Central Bank of Nigeria (CBN) has mandated all financial institutions in the country to commence deductions for a cybersecurity levy on electronic transactions, effective May 20, 2024, following a directive issued six years after its initial issuance. The levy, to be remitted to the National Security Fund administered by the Office of the National Security Adviser (ONSA), will be deducted from all electronic transactions conducted through various financial channels, including commercial banks, merchant banks, non-interest banks, payment system banks, mobile money operators, and payment service providers. Non-compliance with the directive and failure to remit the levy within the stipulated…

The Securities and Exchange Commission (SEC) has unveiled plans to remove the naira from all peer-to-peer (P2P) platforms, as announced by Emomotimi Agama, SEC's acting director general, during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the collective body of major blockchain and cryptocurrency associations in the country. P2P platforms facilitate direct financial transactions between two parties without traditional financial institution involvement. SEC's decision aims to mitigate perceived manipulation within the cryptocurrency domain. Agama emphasized the importance of collective action and dialogue within the financial ecosystem, citing concerns over the impact of crypto P2P traders on…