NIGERIA DAILY: What You Need To Know About The New 0.5% Cyber Security Levy

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In a significant move to bolster national cybersecurity, the Central Bank of Nigeria (CBN) has issued a directive to all banks and financial institutions to implement a cybersecurity levy on banking transactions.

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This new levy, set at 0.5% of the value of electronic transactions, was in response to escalating concerns over cyber threats and follows the guidelines of the recently amended Cybercrime (Prevention and Prohibition) Act.

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