CBN orders Nigerian banks to implement a 0.5% cybersecurity levy on electronic transfers within two weeks.

The Central Bank of Nigeria (CBN) has ordered banks to implement a 0.5% cybersecurity levy on electronic transfers, starting within two weeks. The levy is in line with the Cybercrime (Prohibition, Prevention, etc.) Amendment Act of 2024 and will be remitted to the National Cybersecurity Fund (NCF) administered by the Office of the National Security Adviser. Exempted from the levy are loan disbursements, salary payments, and certain specified transactions.

May 06, 2024
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