The Central Bank of Nigeria (CBN) has mandated financial institutions to deduct a 0.5% cyber security levy from all electronic transactions, directing funds to the National Cyber Security Fund managed by the Office of the National Security Adviser. This move reflects the government’s commitment to fortifying defenses against cyber threats in Nigeria’s digital economy.
However, it poses challenges for consumers and businesses, potentially increasing transaction costs and requiring adjustments to financial strategies. Non-compliance incurs penalties of no less than 2% of annual turnover, underscoring the initiative’s critical importance in safeguarding digital assets and financial integrity.
