CBN backpedals, Withdraws Circular On Cybersecurity Levy

The circular the Central Bank of Nigeria (CBN) issued to all commercial banks on May 6, 2024, directing them to implement a compulsory withdrawal of 0.05 per cent from every electronic transaction as cybersecurity levy has been withdrawn
The directive for collection of the levy led to a nationwide uproar when the central bank introduced the policy last week.
The Presidency however, heeded the warning from various quarters, succumbed and immediately suspended the implementation of the Cybersecurity Levy.
In a withdrawal circular that was issued by the CBN on Sunday night, it directed the banks not to go ahead with the initial directive, in line with the presidential directive. The apex bank authorities claimed it’s a sign that the present administration was a listening one that prioritises public good.

“Further to this, please be advised that the above referenced circular is hereby withdrawn,” CBN director in charge of payments system, Chibuzo Efobi, and the director, financial policy and regulation, Haruna Mustapha, said in the circular, adding that all banks should “Please be guided accordingly.”