President Bola Tinubu has asked the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy and ordered a review.
This followed the decision of
the House of Representatives, which, last Thursday, asked the CBN to withdraw
its circular directing all banks to commence charging a 0.5 per cent
cybersecurity levy on all electronic transactions in the country.
The CBN on May 6, 2024, issued
a circular mandating all banks, mobile money operators, and payment service
providers to implement a new cybersecurity levy, following the provisions laid
out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 202
According to the Act, a levy
amounting to 0.5 per cent of the value of all electronic transactions will be
collected and remitted to the National Cybersecurity Fund, overseen by the
Office of the National Security Adviser.
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