According to recent reports, the CBN has withdrawn its circular directing commercial banks, mobile money operators, and other financial institutions to implement the National Cybersecurity Levy.
The circular, issued Monday, 06 May 2024, mandated the institutions to collect a 0.5 per cent levy on all electronic transactions. The move was primarily informed by President Bola Ahmed Tinubu’s directive and widespread concerns raised by Nigerians.
Critics argued that the levy would be an additional burden on the populace already grappling with rising inflation. Additionally, worries were expressed about the clarity and transparency of the implementation process outlined in the initial circular. The withdrawal of the circular is contained in a statement by Chibuzo A. Efobi, CBN’s director, the Payments System Management Department, and Haruna B. Mustafa, director of, Financial Policy, and Regulation Department.
