The Central Bank of Nigeria (CBN) has instructed all banks to halt the implementation of a 0.5 percent cybersecurity levy due to backlash from citizens.
The suspension was communicated in a notice dated May 17, 2024, signed by Chibuzo Efobi, CBN’s Director of Payment System Management, and Haruna Mustapha, the Director of the Financial Policy and Regulatory Department.
Previously, on May 6, the CBN had mandated the implementation of the cybersecurity levy, which required banks and financial institutions to charge a 0.5 percent fee on all electronic transactions.
The levy faced significant criticism from the public, leading to its suspension by Tinubu’s administration.
The decision to suspend the levy was conveyed by the Minister of Information and National Orientation, Muhammed Idris, following the Federal Executive Council meeting last Tuesday.
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