The Central Bank of Nigeria (CBN) has reduced the cybersecurity levy on electronic transactions from the previously contested rate of 0.5% to a new rate of 0.005% as part of its fiscal guidelines for the years 2024-2025.
This adjustment follows significant opposition from the Nigeria Labour Congress, the Trade Union Congress, and banking customers, who expressed their concerns regarding the initial implementation of the levy earlier this year.
In a statement released on Wednesday, the CBN clarified that specific transactions, including wage payments, loan disbursements and repayments, as well as transfers within or between banks for the same customer, will not be subject to the levy.
Additional exemptions encompass intra-bank transfers, cheque clearing and settlements, Letters of Credit, and transactions conducted by banks and the CBN.
The CBN affirmed that “the mandatory levy of 0.005 percent on all electronic transactions by banks and other financial institutions will remain in effect in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.”
Adunni Ade and Indrive dispatch rider Francis Njoku are in a heated conflict, with Njoku threatening legal action against her.… Read More
Shade Okoya revealed how she first met her husband, Chief Rasaq Okoya. In a recent interview celebrating their 25 years… Read More
Seun Kuti sparked conversation when he questioned why footballers make millions while essential workers earn much less. He pointed out… Read More
American actor Will Smith has shared his experience of being warmly welcomed by fans in Brazil. They presented him with… Read More
AY has showed his heartfelt thanks to Nasboi for the invite to the I.N.I.T. album listening party. He called the… Read More
Nigerian crossdresser Idris Okuneye, known as Bobrisky, has joined the viral 'I am a Chosen' trend. This trend started after… Read More
This website uses cookies.