Central Bank of Nigeria (CBN) has announced the implementation of a contentious Cybersecurity levy of 0.005 percent on all electronic transactions under its revised guidelines for the fiscal year 2024-2025.
Apex Bank said this in its recently issued Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025.
The news comes after the Cybersecurity levy was reportedly stopped after sparking controversy among Nigerians.
The Cybercrime (Prohibition, Prevention, etc.) Act of 2015 aims to strengthen the nation’s cyber security infrastructure.
Meanwhile, the amount has been decreased from 0.5 percent, as stated in May 2024, to 0.005 percent under the current criteria.
The CBN restated its commitment to require that banks and other financial institutions deduct the tax from all electronic transactions.
The income collected by this fee is dedicated to a cybersecurity fund, which would support initiatives to protect Nigeria’s financial system from the rising threat of cyberattacks.
“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 stated.
In May, the CBN issued a notice requiring all Nigerian banks to collect and submit a 0.5 percent Cybersecurity levy to the office of the National Security Adviser.
However, President Bola Ahmed Tinubu ordered that it be suspended in response to public indignation over the fee.
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cc: Daily Post Ng
