2024-05-06 | PSM/DIR/PUB/LAB/017/004

RE: Cybercrimes (Prohibition, Prevention, etc) (Amendment) Act 2024 - Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy

The Central Bank of Nigeria (CBN) issues a circular to financial institutions and payment service providers regarding the implementation of the Cybercrimes (Prohibition, Prevention, etc) (Amendment) Act 2024. The Act introduces a 0.5% levy on all electronic transactions, which is to be remitted to the National Cybersecurity Fund administered by the Office of the National Security Adviser. The CBN provides guidance on the application and exemptions of the levy, with penalties for non-compliance including fines of at least 2% of the annual turnover of the defaulting business.

Nigeria

Central Bank of Nigeria

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