Home Business Nigerians to Pay Reduced Cybersecurity Levy on Electronic Transactions
Business

Nigerians to Pay Reduced Cybersecurity Levy on Electronic Transactions

Share
Nigerians to Pay Reduced Cybersecurity Levy on Electronic Transactions | Daily Report Nigeria
Share

Nigerians will soon face a reduced cybersecurity levy of 0.005% on all electronic transactions, as announced by the Central Bank of Nigeria (CBN).

This follows a significant backlash earlier this year when a higher rate of 0.5% was proposed in May, leading to widespread criticism from stakeholders.

The CBN outlined the reintroduction of the levy in its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024-2025.

This adjustment aligns with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015, which mandates a framework to enhance cybersecurity within the financial system.

ATTENTION: Click HERE to join our WhatsApp group and receive News updates directly on your WhatsApp!

“Implementation of this levy is critical for addressing the rising threats of cybercrime,” the CBN stated.

The reduced rate is intended to ease the financial burden on consumers while still supporting the establishment of a more secure electronic transaction environment.

The central bank emphasized that banks and Payment Service Providers (PSPs) are required to adhere to new guidelines, including appointing Chief Information Security Officers (CISOs) to oversee compliance with cybersecurity measures.

The levy will be applied at the point of electronic transfer origination, with the amount deducted directly from customer accounts.

Certain transactions will be exempt from the levy, including loan disbursements, salary payments, intra-account transfers, and various educational and charitable transactions.

READ ALSO: Tinubu Will Be Defeated in 2027, APC Has Failed Nigerians – Lukman

In May, the CBN had initially introduced the 0.5% levy following the enactment of the amended Cybercrime Act. However, due to significant public outcry, the central bank withdrew the circular implementing the higher rate shortly after.

“Further to this, please be advised that the above-referenced circular is hereby withdrawn,” the CBN stated in a notice at that time. The subsequent decision to reintroduce a lower rate reflects the central bank’s efforts to balance financial security and consumer affordability in a challenging economic landscape.

 

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
Dangote Refinery, NNPC Ltd. Forge Strategic Partnership to Boost Nigeria's Energy Sector | Daily Report Nigeria
Business

Dangote Refinery, NNPC Ltd. Forge Strategic Partnership to Boost Nigeria’s Energy Sector

Dangote Petroleum Refinery & Petrochemicals (DPRP) and Nigerian National Petroleum Company Limited...

Nigeria's Crude Oil Output Falls Below OPEC Quota | Daily Report Nigeria
Business

Nigeria’s Crude Oil Output Falls Below OPEC Quota

Nigeria’s crude oil output declined by 4.37% in March, falling to 1.401...

How Nigeria Lost N366,524bn to Non-functional Refineries
Business

Warri Refinery Support Staff Embark on Indefinite Strike

Support staff at Warri Refining & Petrochemical Company (WRPC) in Delta State...

Court Rules FCCPC Lacks Power to Fix Prices Without Presidential Directive | Daily Report Nigeria
Business

Court Rules FCCPC Lacks Power to Fix Prices Without Presidential Directive

The Federal High Court in Abuja has dismissed a suit filed by...

RocketplayRocketplay casinoCasibom GirişJojobet GirişCasibom Giriş GüncelCasibom Giriş AdresiCandySpinzDafabet AppJeetwinRedbet SverigeViggoslotsCrazyBuzzer casinoCasibomJettbetKmsauto DownloadKmspico ActivatorSweet BonanzaCrazy TimeCrazy Time AppPlinko AppSugar rush