CBN Cuts Cybersecurity Levy on Bank Transfers to 0.005%
The Central Bank of Nigeria (CBN) has reduced the cybersecurity fee on electronic transactions from 0.5% to just 0.005% in its new guidelines for 2024-2025.
This change follows pushback from the Nigeria Labour Congress, Trade Union Congress, and bank customers who opposed the initial higher rate introduced earlier this year.
In its latest update, the CBN announced that some transactions, including salary payments, loan transactions, and transfers within the same customer’s accounts, will not be subject to this fee. Additionally, transfers within the same bank, cheque processing, Letters of Credit, and transactions involving the CBN are also exempt.
The CBN emphasized that the new rate of 0.005% on all electronic transactions will continue as required by the Cybercrime (Prohibition, Prevention, etc.) Act of 2015.
