The Central Bank of Nigeria (CBN) has directed all banks to halt the application of a 0.5% cybersecurity charge following an order from President Bola Ahmed Tinubu to suspend it.
A note dated May 17, 2024, with the signatures of CBN’s Director of Payment System Management, Chibuzo Efobi, and Director of the Financial Policy and Regulatory Department, Haruna Mustapha, revealed the withdrawal.
Remember that the apex bank mandated the adoption of a cybersecurity levy on May 6th, requiring all financial institutions, including banks, to collect 0.5 percent on all electronic transactions.
However, the fee was harshly criticized by Nigerians, which led Tinubu’s administration to suspend it.
Following the Federal Executive Council meeting on Tuesday, the government decided to suspend the levy, as announced by Muhammad Idris, Minister of Information and National Orientation. [CONTINUE READING HERE]
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