President Bola Tinubu has directed the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy and ordered a review.
Tinubu’s decision follows the House of Representatives’ request to the CBN to withdraw its circular, which mandated all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy.
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It followed the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
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The circular was issued on May 6, 2024, and required a 0.5 per cent levy on all electronic transactions, sparking varied reactions among stakeholders.
The levy was intended to support the National Cybersecurity Fund, overseen by the Office of the National Security Adviser, but raised concerns about increasing the cost of doing business in Nigeria and potentially hindering digital transaction growth.
