The Central Bank of Nigeria (CBN) has officially confirmed the implementation of the controversial cybercrime levy of 0.005 percent on all electronic transactions under the new fiscal guidelines for 2024-2025.
This levy, as outlined in the recently published Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, is part of the Cybercrime (Prohibition, Prevention, etc.) Act of 2015, aimed at strengthening Nigeria’s cybersecurity infrastructure.
The levy, which initially stood at 0.5 percent, was reduced to 0.005 percent following public outcry.
Despite previous reports of its suspension after concerns from the public, the CBN has now reaffirmed that banks and financial institutions are mandated to deduct this fee from all electronic transactions.
Revenue generated from the levy will be channeled into a cybersecurity fund to bolster protection against cyberattacks, a growing concern within Nigeria’s banking sector.
The CBN emphasized its commitment to enforcing the levy in line with the provisions of the 2015 Cybercrime Act.
In May 2024, the CBN issued a notice directing banks to collect a 0.5 percent cybersecurity levy, which was later suspended following intervention by President Bola Ahmed Tinubu due to widespread dissatisfaction.
The reduction to 0.005 percent aims to strike a balance between public concerns and the need to fund cybersecurity initiatives.
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