CBN to charge cybercrime levy at 0.005% in new guidelines

The Central Bank of Nigeria (CBN) has announced that it will continue enforcing the controversial cybercrime levy at 0.005% on all electronic transactions under its new guidelines for the 2024-2025 fiscal year.

The levy which is mandated by the Cybercrime Prohibition, Prevention Act of 2015, is aimed at bolstering the nation’s cybersecurity infrastructure.

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According to the new CBN guidelines, the percentage has been reduced from 0.5% earlier announced in May 2024 to 0.005% and requiring banks and other financial institutions to deduct the levy from all electronic transactions.