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.
In a significant move to bolster national cybersecurity, the Central Bank of Nigeria has issued a directive to all banks and financial institutions to implement a cybersecurity levy on banking transactions.
According to the CBN, this measure was crucial for enhancing the security framework of financial operations across the country.1. Levy Amount: The levy is set at 0.5% of the value of electronic transactions, intended to strengthen cybersecurity infrastructure. 3. Administration and Remittance: Institutions are tasked with collecting and remitting the cybersecurity levy to the National Cybersecurity Fund administered by Office of NSA monthly by the fifth business day of the following month.
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