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  The CBN has directed all banks to impose a 0.5% cybersecurity levy on all transactions except some Sixteen Transactions are exempted from this new levy . This levy, amounting to 0.5% of the value of all electronic transactions, is intended to boost the National Cyber Security Fund administered by the Office of the National Security Adviser (NSA). Here are some things to know about the cybersecurity levy to be paid by Nigerians, according to the CBN circular: 1. A new levy of 0.5%, equivalent to half per cent, is applied to electronic transactions as mandated by the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024. 2. The levy is paid by the originator of the electronic transaction and deducted by the financial institution. The deducted amount shall be reflected in the customer's account with the narration: "Cybersecurity Levy." 3. Financial institutions will deduct the levy and remit it to the National Cybersecurity Fund administered by the Office of the N...

  These 16 transactions are not going to be affected by the Newly introduced Cyber Security Levy Charges to be paid by Nigerians: 1. Loan disbursements and repayments. 2. Salary payments. 3. Intra-account transfers within the same bank or between different banks for the same customer. 4. Intra-bank transfers between customers of the same bank. 5.Other Financial Institutions instructions to their correspondent banks 6. Interbank placements. 7. Banks’ transfers to CBN and vice-versa. 8. Inter-branch transfers within a bank. 9. Cheque clearing and settlements 10. Letters of Credits 11. Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts 12. Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers. 13. Government Social Welfare Programmes transactions e.g. Pension payments 14. Non-profit and charitable transactions, including donations to registered non-profit organisations...