The Central Bank of Nigeria (CBN) has imposed a cybersecurity levy of 0.5 percent on all electronic transfers in the country following the enactment of the Cybercrime (Prohibition, Prevention etc) (Amendment) Act 2024.
In the circular announcing the levy, the apex bank stated that the levy shall be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA).
According to the CBN, 16 items were exempted from the levy. These include loan disbursement and repayments, salary payments, intra-account transfers within the same bank, interbank placements, banks’ transfers to CBN and vice versa, letters of credit, cheques clearing and settlements etc.
