The Central Bank of Nigeria, CBN, has announced that it will continue enforcing the controversial cybercrime levy at 0.005%. The apex bank stated that the new levy which is on all electronic transactions is coming under its new guidelines for the 2024-2025 fiscal year.
Recall that cybercrime levy had generated severe debate among Nigerians. The Cybercrime (Prohibition, Prevention, etc.) Act of 2015 is aimed at bolstering the nation’s cyber security infrastructure.
According to the new guidelines, the percentage has been reduced from 0.5% earlier announced in May 2024 to 0.005%.
In the recently released Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 document, the CBN reaffirmed its commitment to this charge. The apex bank has required banks and other financial institutions to deduct the levy from all electronic transactions.
According to CBN, the revenue generated from this levy is directed towards a cybersecurity fund. It is also intended to support measures that safeguard Nigeria’s banking system from the growing threat of cyberattacks.
The document read: “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. This is in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.”
source: Daily Trust
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