The Central Bank of Nigeria has imposed a 0.5% cybersecurity levy, which has infuriated Nigerians.
In a notification sent to all banks on Monday, the Central Bank of Nigeria instructed them to withhold and send in a 0.5% tax on any electronic transactions made in accordance with the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024.
Naturenex report on important information on the new laws that Nigerians should be aware of.
It is not 0.005 percent; rather, the charge is 0.5% of all electronic transactions. All banks, other financial institutions, and providers of payment services must impose the tax.
According to CBN, the fee ought to be transferred to the National Cybersecurity Fund (NCF), which is managed by the Office of the National Security Adviser (ONSA).
See How The Cybersecurity Levy Is Going To Look Like.
Accordingly, Nigerian customers using electronic banking channels will pay 0.5% for each transaction. A cybersecurity levy of N5 will be charged to each electronic transaction of N1,000, while a penalty of N50,000 would be charged on a transaction of N10 million.
Below Are Transactions That Are exempted from The Cybersecurity levy
The 16 transactions listed by the Central Bank of Nigeria are not subject to the levy. These transactions include salary payments, loan disbursements and repayments, interbank transfers for the same customer, instructions from other financial institutions to their correspondent, bank-to-bank transfers, bank-to-CBN transfers, interbranch transfers within a bank, check clearing and settlements, and more.
