FIVE THINGS TO KNOW ABOUT NSA NEW CYBER SECURITY LEVY TO BE PAID BY NIGERIANS
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...