The Central Bank of Nigeria (CBN) has confirmed the enforcement of the controversial 0.005 perent cybercrime levy on all electronic transactions under its new guidelines for the 2024-2025 fiscal year.
This was revealed by the Apex Bank in its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 released recently.
The regulator said its committed to mandating banks and other financial institutions to deduct the levy from all electronic transactions.
“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, by Cybercrime (Prohibition, Prevention, etc.) Act, 2015″, the document said.
The 0.005 percent shows a significant reduction from the 0.5 percent originally announced by the CBN in May 2024.
Recall that the levy was purportedly suspended by President Bola Tinubu following outrage from Nigerians.
The Cybercrime (Prohibition, Prevention, etc.) Act of 2015, is aimed at bolstering the nation’s cyber security infrastructure.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
