The Central Bank of Nigeria (CBN) has reduced the cybersecurity levy on electronic transactions from 0.5% to 0.005% as part of its new fiscal guidelines for 2024-2025.
This decision comes after the initial introduction of the levy was met with opposition from the Nigeria Labour Congress, Trade Union Congress, and bank customers.
The levy, which supports the National Cybersecurity Fund administered by the Office of the National Security Adviser, will be charged on electronic transactions conducted by various financial institutions, including commercial, merchant, non-interest, and payment service banks.
Despite President Bola Tinubu’s suspension and review order in May and the House of Representatives’ demand for withdrawal, the CBN has decided to proceed with the levy at the revised rate as part of its monetary and exchange policy for the next fiscal years.
