Nigeria’s apex financial institution, the Central Bank of Nigeria (CBN), has confirmed plans to continue enforcing the controversial cybercrime levy of 0.005 per cent on all electronic transactions, as outlined in its new fiscal guidelines for 2024-2025.
This levy, mandated by the Cybercrime (Prohibition, Prevention, etc.) Act of 2015, is intended to strengthen the nation’s cybersecurity infrastructure.
According to the updated guidelines, the levy has been reduced from the previously announced 0.5 per cent in May 2024 to 0.005 per cent.
In the recently published Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, the CBN reaffirmed its commitment to this charge. It requires banks and other financial institutions to deduct the levy from all electronic transactions.
Revenue generated from the levy will be allocated to a cybersecurity fund aimed at protecting Nigeria’s banking system from the increasing threat of cyberattacks.
The document states: “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.”
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