“Stop implementation” – CBN sends messages to all banks on Cybersecurity levy

The Central Bank of Nigeria (CBN) has instructed all banks to halt the enforcement of a 0.5 percent cybersecurity levy following President Bola Ahmed Tinubu’s directive to suspend it.

The directive to withdraw the levy was communicated through a notice dated May 17, 2024, signed by Chibuzo Efobi, CBN’s director of Payment System Management, and Haruna Mustapha, the Director of the Financial Policy and Regulatory Department.

Earlier, on May 6, the CBN had mandated the implementation of the cybersecurity levy, requiring all banks and financial institutions to impose a 0.5 percent levy on all electronic transactions.

However, the levy faced significant backlash from Nigerians, leading to its suspension by the Tinubu administration.

The Minister of Information and National Orientation, Muhammed Idris, announced the government’s decision to suspend the levy after the Federal Executive Council meeting held last Tuesday.