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Cybersecurity levy 0.005%, not 0.5% – Onanuga

Spokesperson to President Bola Ahmed Tinubu, Bayo Onanuga, has clarified that the recently introduced cybersecurity levy on banks and financial services is 0.005 percent, not 0.5 percent as initially reported.

Onanuga disclosed this in a post via his official X handle. The Central Bank of Nigeria had ordered banks to collect and remit this levy to the National Security Adviser, citing the Cybercrime (Prohibition, Prevention, etc.) Act of 2024.

Meanwhile, The Socio-Economic Rights and Accountability Project SERAP has issued a 48-hour ultimatum to the Federal Government to reverse the cybersecurity levy imposed by the CBN. 

SERAP threatened to take legal action if the levy, which it described as unlawful, is not withdrawn.

The recent introduction of the cybersecurity levy on all bank transactions by the CBN has triggered a backlash from social media users on platforms like X, Facebook, and Instagram. Many users expressed frustration with the government, accusing it of introducing excessive charges and lacking effective economic strategies.

CBN Directs Banks To Charge 0.5% Cybersecurity Levy

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions in the country to start charging a 0.5% cybersecurity levy on electronic transactions.

This directive is in line with the recently enacted Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024, which requires a 0.5% levy on electronic transactions to be remitted to the National Cybersecurity Fund administered by the Office of the National Security Adviser.
The levy will be applied at the point of electronic transfer origination and deducted by the financial institution, with the deducted amount reflected in the customer’s account as a “Cybersecurity Levy”.

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