The Central Bank of Nigeria (CBN) has announced a 0.005 percent cybercrime levy on all electronic transactions for the 2024-2025 fiscal year. This follows the levy’s suspension following controversy among Nigerians. The Cybercrime (Prohibition, Prevention, etc.) Act of 2015 aims to strengthen the country’s cyber security framework. The levy’s implementation follows the alleged suspension of the levy.
The Central Bank of Nigeria (CBN) has reduced the proportion of electronic transactions tax to 0.005% from 0.5 percent, stating that banks and financial organizations must deduct the tax to fund a cybersecurity fund, which aims to protect Nigeria’s financial system from increasing cyberattack threats.
The Cybercrime Act, 2015 requires banks and financial institutions to pay a 0.005 percent charge on all electronic transactions, which will be upheld by the Central Bank of Nigeria.
Nigerian banks were required by the Central Bank of Nigeria (CBN) to submit a 0.5% cyber security levy to the National Security Adviser’s office.
