HomeNewsBREAKING: CBN Stops 0.5% Cybersecurity Levy On Bank Customers

BREAKING: CBN Stops 0.5% Cybersecurity Levy On Bank Customers

The Central Bank of Nigeria (CBN) has withdrawn the circular directing banks and other financial institutions to effect the blanket collection of a controversial 0.5 percent cybersecurity levy on transactions.

The withdrawal of the circular came through a statement signed by Haruna Mustafa, Director, Financial Policy and Regulation Department, and Chibuzo Efobi, Director, Payment System Management Department.

The two-paragraph 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“Further to this, please be advised that the above referenced circular is hereby withdrawn.”

President Bola Tinubu last week ordered the CBN to suspend the implementation of the controversial cybersecurity levy policy after an outcry by Nigerians.

The House of Representatives asked the CBN to withdraw the circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.

The CBN on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

According to the Act, the collected 0.5 percent levy on all electronic transactions would be remitted to the National Cybersecurity Fund, under the Office of the National Security Adviser.

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