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5 Things To Know About CBN’s Cybersecurity Levy To Be Paid By Nigerians

by Nafisat Abdulrahman
1 year ago
in Business
CBN
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In a significant move to bolster national cybersecurity, the Central Bank of Nigeria (CBN) has issued a directive to all banks and financial institutions to implement a cybersecurity levy on banking transactions.

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This new levy, set at 0.5% of the value of all electronic transactions, was in response to the escalating concerns over cyber threats and follows the guidelines of the recently enacted Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024.

According to the CBN, this measure was crucial for enhancing the security framework of financial operations across the country.

Hereunder are the five important things you need to know about the ‘Cybersecurity Levy’:

1. Levy Amount: The levy is set at 0.5% of the value of electronic transactions, intended to strengthen cybersecurity infrastructure.

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2. Collection Method: Financial institutions will deduct the levy directly from transactions, visible in customers’ account statements as ‘Cybersecurity Levy’.

3. Administration and Remittance: Institutions are tasked with collecting and remitting the cybersecurity levy to the National Cybersecurity Fund administered by Office of NSA (ONSA) monthly by the fifth business day of the following month.

4. Implementation Timeline: The directive takes effect within two weeks from the circular’s issuance date, May 20, 2024, prompting banks to promptly adjust their systems.

5. Penalties for Non-compliance: Failure to remit the cybersecurity levy may result in penalties, including fines of up to 2% of the institution’s annual turnover.


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Nafisat Abdulrahman

Nafisat Abdulrahman

I am a dedicated reporter at Leadership Newspaper, where I bring a keen eye for detail and a passion for storytelling to a diverse range of topics, including business, sports, politics, and international affairs. My work aims to provide readers with accurate, timely, and engaging reports that break down the complexities of current events. From covering high-profile political shifts and court cases to exploring the latest in economic developments and sporting events, I strive to offer insightful and comprehensive coverage. My stories include in-depth analyses of economic trends, detailed political reports, and human interest pieces that highlight significant global and local events. I am committed to delivering news that informs and fosters a deeper understanding of the issues shaping our world. My goal is to engage readers with well-researched and thought-provoking content

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