President Bola Tinubu has ordered 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, last Thursday, asking 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 6th May 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 Act 2024.
Financial institutions were required to apply the levy at the point of electronic transfer origination.
