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CBN Confirms Implementation Of 0.005 Cybersecurity Levy On Transactions

The Central Bank of Nigeria (CBN) has confirmed the implementation of a 0.005 percent cybercrime levy on all electronic transactions as part of its new guidelines for the 2024-2025 fiscal year.

This announcement was made in the recently released Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025.

The levy, initially suspended after sparking widespread debate, was introduced under the Cybercrime (Prohibition, Prevention, etc.) Act of 2015, aimed at enhancing Nigeria’s cybersecurity infrastructure.

The levy rate has been reduced from the 0.5 percent initially announced in May 2024 to 0.005 percent under the new guidelines.

CBN reiterated its directive for banks and financial institutions to deduct the levy from all electronic transactions, with the revenue allocated to a cybersecurity fund to help protect the banking system against rising cyber threats.

“The CBN shall continue to enforce the payment of the mandatory levy of 0.005 percent on all electronic transactions by banks and other financial institutions, by Cybercrime (Prohibition, Prevention, etc.) Act, 2015″, the document said.

In a notice issued in May, the CBN directed all Nigerian banks to collect and remit a 0.5 percent cybersecurity levy to the office of the National Security Adviser.

However, following public outcry, President Bola Ahmed Tinubu ordered the suspension of the levy.

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