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.
According to the statement, “the circular on deduction and collection of the cyber security levy is hereby withdrawn.”
The apex bank had in line with the enactment of the 2024 cyber crime (prohibition, prevention etc) amendment Act of 2024 which provides for a 0.5percent deduction of the value of all electronic transactions to the National Cyber Security Fund which would be administered by the office of the NSA
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
