The imposition of a new tax on electronic banking transactions has drawn criticism from a large number of Nigerians, who believe it will force them to resume using cash.
The Central Bank of Nigeria (CBN) has notified financial institutions that the 0.5% fee, which intends to generate money to enhance cybersecurity, will take effect in two weeks.
Nigeria is going through its worst economic crisis in a long time, and a lot of people believe the charge will make things worse because they already find it difficult to pay for necessities.
Dr. Abdulrazaq Fagge, an economics professor at Yusuf Maitama University, tells the BBC that the government made a mistake by doing this, and it will hurt Nigeria’s already faltering economy.
Not only is it ill-timed, but it’s a completely incorrect action, as no government should place.
