The Central Bank of Nigeria (CBN) has announced a new levy aimed at bolstering the country’s cybersecurity defenses.
“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024, a levy of 0.5% of all electronic transactions will be used to fund the National Cybersecurity Fund,” the CBN stated in a circular.
The levy, which applies to a broad range of financial institutions, is expected to generate significant funds for cybersecurity initiatives.
“We believe this investment is crucial to safeguarding our financial system from increasingly sophisticated cyber threats,” a CBN spokesperson said.
