Grapevine

CBN to enforce 0.005% cybercrime levy on transactions

The Central Bank of Nigeria (CBN) has announced the enforcement of a 0.005 per cent levy on all electronic transactions conducted by banks and financial institutions.

According to the CBN’s monetary, credit, foreign trade, and exchange policy guidelines for the fiscal years 2024-2025, published on Tuesday, the measure is in compliance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.

“The CBN shall continue to enforce the payment of the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015,” it said.

The new development comes against the backdrop of the controversial rate of 0.5 per cent previously introduced by the CBN in May.

The rate generated debate among Nigerians, prompting the House of Representatives to direct the CBN to suspend its implementation.