CBN DIRECTS BANKS TO STOP IMPLEMENTATION OF CYBERSECURITY LEVY
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By Ajape Sefiu A.
On Monday, the Central Bank of Nigeria (CBN) directed all banks to stop the implementation of a 0.5 percent cybersecurity levy after President Bola Ahmed Tinubu’s directive on its suspension.
The withdrawal was contained 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.
Remember that the apex bank, on May 6, mandated the adoption of a cybersecurity levy requiring all financial institutions, including banks, to collect 0.5 percent 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.
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