CBN CONFIRMS IMPLEMENTATION OF CONTROVERSIAL 0.005% CYBERSECURITY LEVY ON TRANSACTIONS

The Central Bank of Nigeria, CBN, has confirmed the enforcement of the controversial cybercrime levy at 0.005 percent on all electronic transactions under its new guidelines for the 2024-2025 fiscal year.

The Apex Bank which disclosed this in its recently released Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, reaffirmed its commitment to mandating banks and other financial institutions to deduct the levy from all electronic transactions.

It said the revenue generated from this levy is directed towards a cybersecurity fund, intended to support measures that safeguard Nigeria’s banking system from the growing threat of cyberattacks.

The development comes after the levy was purportedly suspended after it sparked debate among Nigerians but the percentage has now been reduced from 0.5 percent earlier announced in May 2024 to 0.005 percent in the new guidelines.