The Central Bank of Nigeria (CBN) has announced plans to reintroduce the controversial Cybersecurity Levy on electronic transactions, as part of its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for 2024-2025. The levy, initially introduced in May 2024, faced backlash due to the financial burden it placed on Nigerians.
In the revised guidelines, the CBN has significantly reduced the levy from 0.5% to 0.005%. The levy is intended to strengthen Nigeria’s cybersecurity infrastructure, in line with the amended Cybercrime (Prohibition, Prevention, etc.) Act of 2024.
Banks and other financial institutions are expected to deduct the levy from all electronic transactions. While the CBN has not yet set a date for the reintroduction of the charge, this policy comes after its suspension earlier this year, following public outcry and an order from President Bola Tinubu for a review.
The initial announcement of the levy in May sparked widespread criticism, with many Nigerians lamenting the additional financial strain amidst ongoing economic challenges.
