The Central Bank of Nigeria (CBN) has retracted its previous directive instructing banks to impose a 0.5% cybersecurity levy on electronic transactions.
On May 6, the CBN issued a circular to various banks and financial institutions, instructing them to deduct the levy and remit it to the National Cybersecurity Fund (NCF), managed by the Office of the National Security Adviser (ONSA).
This decision faced significant backlash, with labor unions and pressure groups criticizing its timing, especially amidst economic challenges like inflation. Consequently, the Federal Government suspended the levy, as announced by Information Minister Mohammed Idris on May 14, 2024.
In a new circular dated May 17, 2024, the CBN rescinded its previous directive, advising financial institutions to disregard the earlier instruction on implementing the cybersecurity levy.
The CBN’s latest circular on the matter was co-signed by its Director of Payments System Management Department, Chibuzo Efobi; and his counterpart at the Financial Policy and Regulation Department, Haruna Mustafa.
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