CBN Plans To Enforce Reduced Cybersecurity Levy

The Central Bank of Nigeria (CBN) has announced plans to reintroduce and enforce a controversial Cybersecurity Levy on electronic transactions.

This decision was revealed in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, which was released on Tuesday.

According to the document, the previously announced levy of 0.5% has been significantly reduced to 0.005%. The guidelines state: “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, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.”

This move aligns with the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024 and aims to strengthen Nigeria’s cyber security infrastructure.

Banks and other financial institutions will be required to deduct this levy from all electronic transactions conducted by customers.

As of now, the CBN has not specified when the levy will be reintroduced. Earlier this year, in May, the CBN instructed banks to begin deducting the cybercrime fee.

However, this directive faced widespread backlash from Nigerians, who were already struggling financially. In response to public outcry and a directive from President Bola Tinubu, the CBN ordered banks to suspend the charges for further review.

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