The Central Bank of Nigeria has recently adjusted the cybersecurity levy on electronic transactions from 0.5 percent to 0.005 percent in its fiscal guidelines for 2024-2025. This reduction comes after the initial introduction of the levy faced opposition from various groups, including Nigeria Labour Congress, Trade Union Congress, and bank customers.
The levy, established under the Cybercrime (Prohibition, Prevention, etc.) Act 2015 with amendments in 2024, aims to support the National Cybersecurity Fund managed by the Office of the National Security Adviser. It will be applied at a rate of 0.005 percent on electronic transactions conducted by different types of banks.
Exceptions to the levy include specific transactions like wage payments, loan disbursements, transfers between the same accounts or banks, intra-bank transfers, and more. Despite previous calls for suspension and review of the levy, the CBN has decided to continue enforcing it at the revised rate in line with its monetary and exchange policies for the upcoming fiscal years.
CBN reduces cybersecurity levy to 0.005% on electronic transactions
