Banking

CBN halts 0.5% cybersecurity levy

The Central Bank of Nigeria (CBN) has withdrawn the circular directing banks to implement a 0.5 per cent cybersecurity levy on electronic transactions in the country.

The CBN announced this in a revised circular dated May 17, 2024.

The circular was addressed to commercial banks, Payment Service Providers (PSPs), non-interest, and merchant banks, among others.

It was signed by the CBN Director of Payment Systems Management, Chibuzor Efobi, and the Director of Financial Policy and Regulation Department, Haruna Mustafa.

The circular read: “The Central Bank of Nigeria circular dated May 6, 2024 (Ref: PSMD/DIR/PUB/LAB/017/004) on the above subject refers.

“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”

Tinubu suspends 0.5% cybersecurity levy

The withdrawal of the circular on the cybersecurity levy followed its suspension by President Bola Tinubu.

The Star recalls that Tinubu suspended the controversial cybersecurity levy on electronic transfers on May 14.

Minister of Information and National Orientation Mohammed Idris, who made this known while speaking to journalists after the Federal Executive Council (FEC) meeting at the Presidential Villa in Abuja, disclosed that Tinubu directed the CBN to suspend the implementation and review the modalities for the implementation of the levy.

Idris added that the levy was thoroughly discussed at the FEC meeting, saying the president was not oblivious to the feelings of Nigerians.

It would be recalled that CBN, in a circular dated May 6, directed banks to start charging a 0.5 per cent cybersecurity levy on all electronic transfers.

The apex bank stated that the deduction and collection of the cybersecurity levy is a sequel to the enactment of the Cybercrime (prohibition, prevention etc) Amendment Act of 2024.

This was greeted with wide condemnations by Nigerians, with many groups and individuals calling for the immediate reversal of the levy.

The House of Representatives also asked the CBN to withdraw the directive.

The Star

Segun Ojo

Recent Posts

NIWA warns Nigerians: Avoid rickety boats,  drunk operators

...Oyebamiji advocates Passage Of Coast Guards Bill The National Inland Waterways Authority (NIWA) has again…

1 hour ago

Ibadan stampede: Court sends Ooni’s ex-wife, principal, journalist to prison

A Chief Magistrates’ Court sitting in the Iyaganku area of Ibadan, the Oyo State capital,…

3 hours ago

Christmas: Make sacrifices for Nigeria’s devt, Adelabu urges Christians

Minister of Power Adebayo Adelabu has urged Christians and other Nigerians to emulate the selfless…

4 hours ago

Ex-U.S. President Bill Clinton hospitalised

Former United States President Bill Clinton is in a Washington hospital for testing and observation…

7 hours ago

Sanwo-Olu: #EndSARS protest, one of my toughest moments as leader

Lagos State Governor Babajide Sanwo-Olu has described the October 2020 #EndSARS protest period as one…

9 hours ago

Tinubu: Why people died in palliative stampedes

President Bola Tinubu says the recent stampedes experienced during palliative distributions across the country were…

9 hours ago

This website uses cookies.