President Bola Tinubu has asked the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy.
This decision came after the House of Representatives requested the CBN to withdraw its circular directing banks to charge a 0.5% cybersecurity levy on electronic transactions in the country.
The CBN had issued a circular mandating banks, mobile money operators, and payment service providers to implement the levy based on the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
The Act requires a 0.5% levy on the value of electronic transactions, which would be remitted to the National Cybersecurity Fund. Financial institutions were set to start implementing the levy on May 20, 2024, but President Tinubu’s directive now suspends its implementation.
The levy did not go down well with Nigerians, the Nigerian Labour Congress, and the Centre for the Promotion of Private Enterprises.
NCL rejected the levy, noting it would worsen the economic hardship on Nigerians.
