Highlight

CBN Reintroduces Cybersecurity Levy

366

After it was rejected in May by Nigerians, the Central Bank of Nigeria (CBN) is to reintroduce the Cybersecurity Levy on electronic transactions.

The apex bank disclosed this in its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for 2024-2025 released on Tuesday.

It, however, said the levy had been reduced from the 0.5% earlier announced in May to 0.005%.

“The CBN shall continue to enforce the payment of the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015,” it said.

According to the apex bank, the move is in line with the provisions of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act 2024, and is aimed at bolstering the nation’s cyber security infrastructure.

Commercial banks and other financial institutions in the country are to deduct the levy from all electronic transactions by customers.

No date has been given for the re-commencement of the levy.

Persecondnews recalls that the levy was imposed earlier in May 2024 but was suspended following public outcry and condemnation.

Leave a comment

Related Articles

Equatorial Guinea govt introduces CCTV in offices amid sextape scandal

Following sextape scandals, Equatorial Guinea’s Vice President, Teddy Nguema, has announced plans...

Election Day Showdown: Harris and Trump Hold Duelling Rallies as Polls Reach Dead Heat

Kamala Harris and Donald Trump held rival rallies on Monday, the final...

$26bln African Atlantic Gas Pipeline Project Gains Momentum

The federal government, in collaboration with the Economic Community of West African...

N1.3trn fraud: EFCC arrests, grills ex-Delta Gov. Okowa

A former Delta State Governor, Ifeanyi Okowa, has been apprehended by the...

Equatorial Guinea government official embroiled in sextape scandal

Mr. Baltasar Engonga, Director General of the National Financial Investigation Agency (ANIF)...

CAF ruling against Libya: Nigerian govt. promises to protect its citizens in Libya

Nigeria’s Ministry of Foreign Affairs has reaffirmed the federal government’s commitment to...

Polaris Bank wins “Best Mobile App” award at Digital Jurist Awards 2024

For its commitment to digital innovation and excellence, Polaris Bank has again...

Updated: After six years of injustice, Nigeria’s ex-Chief Justice, Onnoghen, finally gets justice

The Court of Appeal, Abuja Division, on Monday, overturned the conviction of...

Flood sacks 4 Anambra council areas as Soludo activates 27 IDP camps

By Emmanuel Ndukuba, Awka Floods have devastated four local government areas in...

Four-month salary: NASU, SSANU secure irrevocable commitment from FG, suspend strike

After a six-day strike, the Joint Action Committee (JAC) of non-teaching staff...

Three radio stations in Abia destroyed by mysterious fire

A mysterious fire has hit three radio stations in Abia in Abia...

Seven new ministers for inauguration on Monday, Nov. 4

President Bola Tinubu will preside over the oath-taking of seven new ministers...

Youth shot dead for playing football near VIP’s house

A 70-year-old man, Mr. Stephen Irobunda, has escaped a mob action in...

Renowned Nigerian filmmaker, director Dimeji Ajibola is dead

Dimeji Ajibola, the acclaimed Nigerian filmmaker behind the popular series Shanty Town,...

Just in: UK Conservative Party elects former Business Secretary Kemi Badenoch as new leader

Former British Business Secretary Kemi Badenoch has emerged as the new leader...

Demolition of Abuja N200bln properties: Restrain Wike, Estate Developers Beg Pres. Tinubu

President Bola Tinubu has been urged to intervene in the alleged demolition...

FirstBank’s retired CEO, Adeduntan, gets presidential commendation

Impressed with his exemplary career trajectory and transformative leadership, President Bola Tinubu...

#EndBadGovernance protests: AGF to Police: Transfer casefiles of 72 defendants to my office

The Attorney General of the Federation (AGF) and Minister of Justice, Prince...

NAGAFF Taps NPA MD, Dr. Abubakar Dantsoho, as Keynote Speaker for Silver Jubilee Anniversary

The National Association of Government Approved Freight Forwarders (NAGAFF) has announced Dr....

It’s fake news: Fubara did not order shut down of NNPC Ltd, oil companies in Rivers

The Rivers State Government has refuted a report circulating on social media,...