The recently introduced 0.5 per cent cybersecurity levy by the Central Bank of Nigeria has created an uproar among Nigerians. The Central Bank of Nigeria, in a notice to all banks on Monday, directed them to deduct and remit 0.5% levy on all electronic transactions by Cybercrimes Act, 2024. In this report, DAILY POST highlights things Nigerians should know about the new legislation. Cybersecurity levy The levy is 0.5 per cent on all electronic transactions, not 0.005 per cent.
Transactions exempted from Cybersecurity levy There are several transactions exempted from the cybersecurity levy.
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