Business
Amid outrage, CBN withdraws circular on cybersecurity levy
The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing banks to implement a controversial 0.5% cybersecurity levy on electronic transactions.
The apex bank’s decision to withdraw the circular followed the backlash that trailed the announcement of the policy two weeks ago and the suspension of the levy by the Federal Government last week.
The CBN in its latest circular dated May 17, 2024, referred to the earlier circular issued on May 6 and advised financial institutions that the initial circular on the implementation of the cybersecurity levy has been withdrawn.
The CBN’s latest circular was co-signed by its Director of Payments System Management Department, Chibuzo Efobi; and his counterpart at the Financial Policy and Regulation Department, Haruna Mustafa.
READ ALSO:SERAP gives Nigerian govt 48 hours to reverse CBN’s 0.5% cybersecurity levy or face court action
The CBN had in the initial circular addressed to all deposit money banks, mobile money operators and payment service providers, 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 outcry in the country with labour unions threatening actions and pressure groups faulting the timing of the implementation of the levy amidst the cost-of-living crisis exacerbated by rising inflation.
The federal government suspended the implementation of the controversial levy on May 14.
By: Baabajide Okeowo
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...