President Bola Tinubu has reportedly asked the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial Cyber-security Levy
This followed the decision of the House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all banks to commence the deduction of 0.5 per cent Cyber-security Levy on all electronic transactions in the country.
The CBN had on the 6th of May, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new Cyber-security Levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
However, the introduction of the new levy sparked varied reactions among stakeholders as it was expected to raise the cost of conducting business in Nigeria and potentially hinder the growth of digital transactions in the country.
Details of the President’s directive would be brought to you in our subsequent bulletin