Central Bank of Nigeria, CBN, has asked all banks to stop the implementation of a 0.5 per cent cybersecurity levy after President Bola Ahmed Tinubu’s directive on its suspension.
The withdrawal was disclosed in a notice dated May 17, 2024, signed by Chibuzo Efobi, CBN’s director of Payment System Management, and Haruna Mustapha, the Director of the Financial Policy and Regulatory Department.
Recall that on May 6, the apex bank ordered the implementation of a cybersecurity levy, which required all banks and financial institutions to charge a 0.5 per cent levy on all electronic transactions.
However, the levy was heavily criticised by Nigerians, thereby prompting its suspension by Tinubu’s administration.
The Minister of Information and National Orientation, Muhammed Idris, conveyed the government’s decision to suspend the levy after last Tuesday’s Federal Executive Council meeting.
