DAILY POST
CBN confirms implementation of controversial 0.005% Cybersecurity levy on transactions.
Apex Bank disclosed this in its recently released Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025.
The development comes after the levy was purportedly suspended after it sparked debate among Nigerians.
The Cybercrime (Prohibition, Prevention, etc.) Act of 2015, is aimed at bolstering the nation’s cyber security infrastructure.
Meanwhile, the percentage has been reduced from 0.5 percent earlier announced in May 2024 to 0.005 percent in the new guidelines.
CBN reaffirmed its commitment to mandating banks and other financial institutions deduct the levy from all electronic transactions.
READ THE FULL STORY IN DAILY POST
