BREAKING: CBN makes u-turn, withdraws circular on cybersecurity levy

The CBN directed all commercial banks to forgo the initial circular, in line with the presidential directive. The Central Bank of Nigeria (CBN) has withdrawn the circular it issued to all commercial banks on May 6, 2024, directing them to impose a mandatory deduction of 0.05 per cent from each electronic transaction as a cybersecurity levy. The apex bank announced this in a revised circular dated May 17, 2024. The circular which was later accessed...

Tinubu orders CBN to suspend implementation of cybersecurity levy

Following the outcry by Nigerians over the cybersecurity levy and the extra financial burden it would incur, President Bola Tinubu has ordered the Central Bank of Nigeria (CBN) to halt the cybersecurity levy’s implementation. President Bola Ahmed Tinubu has mandated the Central Bank of Nigeria (CBN) to halt the implementation of the cybersecurity levy policy and conduct a review. President Tinubu made this demand over the weekend in response to the House of Representatives decision...

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