By Busari Kabirat
Following the federal government’s intervention, the Central Bank of Nigeria (CBN), has withdrew its earlier circular directing banks to implement a controversial cybersecurity levy of 0.5% on electronic transactions.
The circular dated May 6, 2024, which was initiated by the CBN to all deposit money banks, mobile money operators and payment service providers for the deduction of the levy to be remitted to the National Cybersecurity Fund (NCF), administered by the Office of the National Security Adviser (ONSA).
The announcement which sparkled reactions from Nigerians and labour unions, faulting the timing of the implementation of the levy amidst the rise in cost of living in the country.
The Federal Government aimed to suspend the cybersecurity levy, according to Mohammed Idris, the Information Minister on May 14, 2024.
The CBN, in its latest circular dated May 17, 2024, referred to the earlier May 6, 2024 circular and advised financial institutions that the initial circular on the implementation of the cybersecurity levy “is hereby withdrawn”.
The CBN’s latest circular on the matter was co-signed by Chibuzo Efobi, the Director of Payments System Management Department, together with Haruna Mustafa, his counterpart at the Financial Policy and Regulation Department,
