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Abiding by the directive of President Bola Tinubu to suspend the controversial cybersecurity levy on electronic transfers, the Central Bank of Nigeria (CBN) has withdrawn the circular directing banks to implement a 0.5 per cent cybersecurity levy on electronic transactions in the country.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“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”
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.
