Nigeria's CBN implements 0.005% levy on electronic transactions for cybersecurity funding.
The Central Bank of Nigeria (CBN) has implemented a 0.005% levy on all electronic transactions, revising a previous 0.5% rate due to public backlash. This levy, part of the 2024-2025 fiscal guidelines and in line with the Cybercrime (Prohibition, Prevention, etc.) Act of 2015, aims to enhance cybersecurity infrastructure in Nigeria. Revenue will fund cyber defense measures, while banks must adhere to established cybersecurity standards.
September 18, 2024
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