NIGERIA — 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 according to the Government. Meanwhile, the percentage has been reduced from 0.5 percent earlier announced in May 2024 to 0.005 percent in the new guidelines..
The revenue generated from the levy is said to be directed towards cybersecurity fund to support measures that will safeguard Nigeria’s banking system from the growing threat of cyberattacks as claimed by the Nigerian Government... dailypost.ng
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