CBN slashes cybersecurity levy on bank transfers to 0.005%

Central Bank of Nigeria (CBN) slashes the cybersecurity levy on electronic transactions from the protested 0.5% to 0.005% in its new fiscal guidelines for 2024-2025.

This decision comes after resistance from the Nigeria Labour Congress, the Trade Union Congress, and bank customers, following the contentious introduction of the levy earlier in the year.

In a directive issued on Wednesday, the CBN stated that certain transactions, such as wage payments, loan disbursements and repayments, and transfers within or between banks for the same customer, will be exempt from the levy.

Other exemptions include intra-bank transfers, cheque clearing and settlements, Letters of Credit, bank transactions and CBN transactions.

According to the CBN, “the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions will remain in place in line with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.”