Coronation Research Daily Insights

Coronation Research Daily Insights
(Source: Coronation Research, Date: 07-May-2024)

TUESDAY, 07 MAY 2024

Cybersecurity Levy | Crypto Trading | Cash Deposit Charges | Electricity Tariff | World Bank Loan

Good Morning,

Here are your top 5 news items for the day.

Cybersecurity Levy

CBN asks banks to charge 0.5% cybersecurity levy "" Punch

The Central Bank of Nigeria has ordered banks operating in the country to start charging a cybersecurity levy on transactions. A circular from the apex bank on Monday disclosed the implementation of the level would start two weeks from today. The circular was directed at all commercial, merchant, non-interest and payment service banks, other financial institutions, mobile money operators and payment service providers. Monday's circular revealed that it was a follow-up on to an earlier one and letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008).. Read more here.

Crypto Trading

FG to ban naira from crypto trading platforms "" Punch

The Federal Government, through the Securities and Exchange Commission, is set to delist the naira from all peer-to-peer crypto platforms as the government steps up efforts to tackle exchange rate manipulators and dollar racketeers. The development came against the backdrop of the recent moves by the Federal Government to regulate Nigeria's crypto market estimated at $57bn. The newly-appointed Director-General of the Commission, Emomotimi Agama, disclosed the government's latest plan during a meeting with members of the Nigerian blockchain industry on Monday. Read more here

Cash Deposit Charges

Banks resume charges on cash deposits above N500k "" The Cable

The Central Bank of Nigeria (CBN) has reintroduced fees for deposits exceeding N500,000 for individuals and corporate account holders. The development is coming more than four months after the apex bank suspended the processing fees on cash deposits above N500,000 until April 30, 2024. In a circular to customers, First Bank Nigeria (FBN) said the new directive took effect May 1. While 2 percent is charged on deposits above N500,000 for individuals, 3 percent is charged for all deposits above N3 million for corporate account holders. Read more here

Electricity Tariff

FG approves electricity tariff slash for Band A "" The Sun

The Nigerian Electricity Regulatory Commission(NERC) has sanctioned a downward review of electricity tariff for Band A customers from N225/kWh to NGN206.8/kWh. The review, which covers 12 million consumers across the 11 Discos, is for May. A statement by NERC made available to Daily Sun said: ...Pursuant to the tariff methodology adopted by the Nigerian Electricity Regulatory Commission, a revised tariff order covering the month of May 2024 has been issued by the Commission to the eleven (11) electricity distribution companies," Read more here

World Bank Loan

FG eyes $750m W'Bank loan, mulls telecom tax "" Punch

In pursuit of securing a new $750m loan from the World Bank, the Federal Government may reintroduce previously suspended telecom tax and other fiscal measures. This is according to the Stakeholder Engagement Plan for Nigeria "" Accelerating Resource Mobilisation Reforms programme between Nigeria and the World Bank. A copy of the plan's document posted on the World Bank website indicated that the government might reintroduce the excises on telecom services, and EMT levy on electronic money transfers through the Nigerian Banking System among. Read more here.

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Coronation Research Daily Insights (Source: Coronation Research, Date: 07-May-2024)

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Coronation Research Daily Insights
(Source: Coronation Research, Date: 07-May-2024)