The Central Bank of Nigeria, CBN, has directed 0.005 percent Cybersecurity Levy deductions on electronic transfers.
A circular issued by the CBN, yesterday, said the deductions would become effective from the next two weeks.
The circular, issued by the Director of Payment Services, Uzoma Efobi, was addressed to all banks and payments services operators in the country.
According to the CBN, the deductions shall be applied at the transaction origination.
They will be put together and paid into the Cybersecurity Fund held by the CBN.
The apex bank warned that a defaulting institution could be fined to the tune of not less than two (2) percent of its annual turnover.
However, interbank transfers and loans transactions were exempted from the CBN cybersecurity levy. (Vanguard)
President Bola Ahmed Tinubu has approved the reconstitution of the executive management teams for 12…
The Minister of the Federal Capital Territory, Nyesom Wike, has revoked 762 plots of land…
Pan-Yoruba socio-cultural group, Afenifere, has urged the Nigerian police to redeem their integrity by promptly ending…
Senate President Godswill Akpabio has urged President Bola Tinubu to warn intransigent ministers in his…
Bankit Africa, a rapidly growing Pan-African Fintech company, is proud to announce its official launch…
The disclosure was made in NERC’s December 2024 Multi-Year Tariff Order (MYTO) report, published on…