Central Bank of Nigeria (CBN) on Wednesday announced its plan to re-introduce and enforce the payment of Cybersecurity Levy on electronic transactions by Nigerians.
Gatekeepers News reports that commercial banks and other financial institutions operating in the country will begin to deduct the levy from all electronic transactions done by customers.
The apex bank announced this in its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 document, released on Tuesday.
The levy was reduced from the 0.5% earlier announced in May 2024 to 0.005% in the new guidelines.
The document goes, “The CBN shall continue to enforce the payment of the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.”
The move is in line with provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024, and is aimed at bolstering the nation’s cyber security infrastructure.
Commercial banks and other financial institutions operating in the country are expected to deduct the levy from all electronic transactions by customers.
CBN is however yet to announce a date for the re-commencement of the charges.
