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    CBN Halts Cybersecurity Levy Order

    May 20, 2024 - By 

    The Central Bank of Nigeria (CBN) has revoked its cybersecurity levy order, three days before its implementation. On May 6, 2024, the CBN issued a circular directing all commercial banks and payment service providers to implement a compulsory withdrawal of 0.05% cybersecurity levy on all electronic transactions. This was in accordance with the Cybercrime Prevention and Prohibition Amendment Act of 2024. The Apex bank however withdrew this directive in a circular that was released on Sunday night, dated May 17,2024. Signed by its Director of Payment Systems Management, Chibuzor Efobi, and Director of Financial Policy and Regulation Department, Haruna Mustafa,…

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    ALAT increases international spending limit in Nigeria

    July 25, 2023 - By 

    Alat, Nigeria’s firѕt digital bank, hаѕ leveraged thе country’s recently unified exchange rate tо reverse a policy оn Naira cards thаt limited international spending. On Friday, Alat, thе first-of-its-kind digital bank in Nigeria, announced tо itѕ customers thаt thеу соuld nоw uѕе thеir naira cards tо spend uр tо $500 monthly оn international transactions. Thiѕ nеw development соmеѕ еxасtlу a month аftеr thе Central Bank (CBN) floated thе Naira. Bеfоrе thе float, thе CBN maintained аn artificial scarcity оf foreign currency bу limiting 43 items frоm accessing FX. Aѕ a result оf thе scarcity, banks рlасеd a $20 limit оn…

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    How to Use eNaira Without Internet

    May 6, 2023 - By 

    The  Central Bank of Nigeria has unveiled the Unstructured Supplementary Service Data (USSD) code for its eNaira, indicating that Nigerians without internet-enabled phones can use eNaira for transactions. The decision by the apex bank to use the USSD as the offline channel for the eNaira was based on an understanding of the unique features of our economy, taking into account the fact that, as of right now, about 50% of adult Nigerians are not bank customers and are therefore not eligible for formal financial services. The eNaira’s first phase was concentrated on banked customers, while the second phase is on…

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    CBN Sets Daily Limit Of Mobile Transfer At N100,000

    April 27, 2018 - By 

    CBN Sets Daily Limit Of Mobile Transfer At N100,000 Mobile Transfer  The Central Bank of Nigeria CBN, has pegged the maximum transfer from mobile phones using short codes at N100,000. According to a statement from the director, banking and payment system of CBN, Dipo Fatokun, the decision was made because of the risk associated with mobile banking. The bank says the new directive will take effect from June 2018. “Concerns have been expressed on the likely exposure of CBN approved entities to the possible breaching of the USSD accessed financial services in view of likely vulnerabilities in the technology and the ever-growing threats,” the circular read. The…