CBN Halts 0.5% Cybersecurity Levy Following Presidential Directive

The Central Bank of Nigeria (CBN) has directed all banks to cease the implementation of a 0.5 per cent cybersecurity levy, following President Bola Ahmed Tinubu’s suspension order.

This withdrawal was communicated in 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.

Previously, on May 6, the CBN had mandated the levy, requiring banks and financial institutions to charge a 0.5 per cent fee on all electronic transactions. The levy faced significant criticism from Nigerians, leading to its suspension by the Tinubu administration.

Minister of Information and National Orientation, Muhammed Idris, announced the suspension decision after last Tuesday’s Federal Executive Council meeting.