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Tinubu orders CBN to suspend cybersecurity levy

Written by on May 13, 2024

President Bola Tinubu has instructed the Central Bank of Nigeria, CBN, to halt the implementation of the cybersecurity levy policy.

This directive follows the decision of the House of Representatives, which called on the CBN to retract its circular instructing all banks to levy a 0.5% cybersecurity fee on all electronic transactions within the country.

On May 6, 2024, the apex bank issued a circular to all banks, mobile money operators, and payment service providers, mandating the introduction of a new cybersecurity levy by the provisions outlined in the Cybercrime (Prohibition, Prevention, Amendment Act 2024.

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