Business
THE Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing banks to implement a controversial 0.5% cybersecurity levy on electronic transactions.
This is according to its latest circular dated May 17, 2024, which referred to the earlier May 6, 2024 circular and advised financial institutions that the initial circular on implementing the cybersecurity levy “is hereby withdrawn”.
The circular which was co-signed by Chibuzo Efobi, Director of Payments System Management Department, and Haruna Mustafa, his counterpart at the Financial Policy and Regulation Department, seem to be an outcome the public outrage that trailed the announcement of the policy two weeks ago and the suspension of the levy by the Federal Government last week.
In its initial circular dated May 6, 2024, addressed to all deposit money banks, mobile money operators, and payment service providers, the apex bank directed 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 development sparked wild outcries with labour unions threatening actions and pressure groups faulting the timing of the levy implementation amidst the cost of living crisis exacerbated by rising inflation.
The Federal Government subsequently suspended the controversial cybersecurity levy on May 14, 2024.
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-May 20, 2024 @ 10:41 GMT|
Tags: Central Bank of Nigeria Chibuzo Efobi
