CBN sends warning to all banks on Cybersecurity levy

The Central Bank of Nigeria (CBN) has directed all banks to halt the application of a 0.5% cybersecurity fee following an order from President Bola Ahmed Tinubu to suspend it.

A notice dated May 17, 2024, bearing 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 6, requiring all financial institutions, including banks, to collect 0.5 percent on all electronic transactions.

However, Nigerians harshly criticized the levy, which led Tinubu’s administration to suspend it.

Following Tuesday’s Federal Executive Council meeting, the government decided to suspend the levy, as announced by Muhammad Idris, Minister of Information and National Orientation. 

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