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CBN Directs Banks to Charge 0.5% Cybersecurity Levy

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The Central Bank of Nigeria (CBN) has mandated deposit money banks across the nation to implement a 0.5% cybersecurity levy on transactions.

The Apex Bank disclosed this information in a circular sent out yesterday to all commercial, merchant, non-interest, and payment service banks, along with mobile money operators and payment service providers.

The CBN announced that the levy would come into effect two weeks from the date of the circular.

It would be recalled that the Central Bank recently prohibited FinTech’s from acquiring new customers and instructed banks to levy a stamp duty charge of 0.375% on all mortgage-backed loans and bonds.

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