A circular released by the apex bank on Monday said the implementation of the levy would begin two weeks from the day of its announcement.The circular revealed that it was a follow-up on an earlier letter dated June 25, 2018 and October 5, 2018 , in compliance with the Cybercrimes Act 2015.
The CBN said that all banks, financial institutions and payment service providers are now required to implement the directive. "Deductions shall commence within two weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month."
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Nigeria: 16 Banking Transactions Not Affected By New CBN's Cybersecurity LevyThe Central Bank of Nigeria (CBN) has ordered all banks to start charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country excluding 16 listed banking deals.
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