CBN Mandates
All Banks To Remit 0.5% To NSA.
Central Bank of Nigeria,
has asked all banks in Nigeria to collect and remit a 0.5 per cent cyber
security levy to the office of the National Security Adviser.
The apex bank who
disclosed this in a notice by its directors, ChibuzorEfobi and Haruna Mustafa
of Payment System Management and Financial Policy and Regulation Departments
said, the deduction and collection of the cyber security levy was sequel to the
enactment of the 2024 Cybercrime (prohibition, prevention, etc.) Amendment Act
of 2024.
The Act provides for a
0.5 per cent deduction of the value of all electronic transactions to the
National Cyber Security Fund, which the office of the National Security Adviser
would administer and the deduction would be described as a cybersecurity levy,
and the relevant financial institutions should begin deduction in two weeks
following the notice.
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