The Central Bank of Nigeria (CBN), on Monday, directed banks and other financial institutions to start charging a cybersecurity levy on all banking transactions.
This was contained in a circular sighted by our reporter on Monday.
According to the circular, ”the implementation of the levy would start in two weeks”.
In this article, TRIBUNE ONLINE highlights the basic tenets of the new CBN directive.
What it entails
The circular read in part, “Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2)(a) of the Act, ‘a levy of 0.5% (0.005) equivalent to a half percent of all electronic…
Source: Nigerian Tribune
