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.
Apex Bank disclosed this in its recently released Monetary,
Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years
2024-2025.
The development comes after the levy was purportedly
suspended after it sparked debate among Nigerians.
The Cybercrime (Prohibition, Prevention, etc.) Act of 2015,
is aimed at bolstering the nation’s cyber security infrastructure.
Meanwhile, the percentage has been reduced from 0.5 percent
earlier announced in May 2024 to 0.005 percent in the new guidelines.
CBN reaffirmed its commitment to mandating banks and other
financial institutions deduct the levy from all electronic transactions.
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 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 said.
Recall that in a notice in May, the CBN mandated all banks
in Nigeria to collect and remit a 0.5 percent cyber security levy to the office
of the National Security Adviser.
However, amid outrage over the levy, President Bola Ahmed
Tinubu ordered its suspension.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on Areatatafo.com.ng to reach thousands of our daily users
