CBN slashes cybersecurity levy on bank transfers to 0.005%

CBN slashes cybersecurity levy on bank transfers to 0.005% …C0NTINUE READING HERE >>>

Central Bank of Nigeria (CBN) slashes the cybersecurity levy on electronic transactions from the protested 0.5% to 0.005% in its new fiscal guidelines for 2024-2025.

This decision comes after resistance from the Nigeria Labour Congress, the Trade Union Congress, and bank customers, following the contentious introduction of the levy earlier in the year.

In a directive issued on Wednesday, the CBN stated that certain transactions, such as wage payments, loan disbursements and repayments,…

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