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The Central Bank of Nigeria (CBN) has confirmed the enforcement of the controversial cybercrime levy at 0.005 percent on all electronic transactions under its new guidelines for the 2024-2025 fiscal year.
The Apex Bank disclosed this in its recently released Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025.
The development comes after the levy was purportedly suspended following the debate it sparked among Nigerians.
The Cybercrime Act of 2015, is aimed at bolstering the nation’s cyber security infrastructure while CBN reaffirmed its commitment to mandating banks and other financial institutions to deduct the levy from all electronic transactions.
The US central bank on Wednesday, lowered interest rates for the first time in more than four years with a bigger than usual cut. The Federal Reserve reduced the target for its key lending rate by 0.5 percentage points, to the range of 4.75%-5%. The head of the Bank, Jerome Powell said the move was strong but that it was needed as price rises ease and job market concerns grow. […]
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