The Central Bank of Nigeria (CBN) has reinstated a 0.005% cybercrime levy on all electronic transactions, aiming to enhance Nigeria’s cybersecurity framework.
This levy, introduced under the Cybercrime (Prohibition, Prevention, etc.) Act of 2015, was initially rolled out in May 2024 but faced public resistance and was subsequently suspended. With its reintroduction, the levy will be deducted directly from customer accounts during electronic transfers.
The CBN's objective is to use these funds to strengthen cybersecurity measures, combat online fraud, and protect the growing digital economy.
However, the move is expected to generate significant discussion, given previous concerns about its impact on consumers and businesses.
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