President Bola Ahmed Tinubu has ordered the Central Bank of Nigeria, CBN to suspend the implementation of the controversial cyber-security levy policy and ordered a review.
This followed the resolution of the House of Representatives, which, asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cyber-security levy on all electronic transactions in the country.
The Apex Bank on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cyber-security levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024. According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cyber-security Fund, overseen by the Office of the National Security Adviser
