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Nigeria Suspends Cybersecurity Levy on Electronic Transactions

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The Federal Government of Nigeria has suspended the controversial cybersecurity levy on electronic banking transactions recently approved by the Central Bank of Nigeria (CBN).

Mohammed Idris, Nigeria’s Minister of Information and National Orientation revealed this while briefing the State House Correspondents on Tuesday in Abuja after the weekly Federal Executive Council (FEC) meeting.

Idris  said: “The position of the government is that that policy has been suspended. It has been put on hold. That is the position of the government for now. It is undergoing some form of review. It was reiterated in the council (FEC meeting) yesterday. You know that today’s council (meeting) is a continuation of the council meeting of yesterday,” the minister said.

“So, I can tell you that the cybersecurity levy has been put on hold. It is being reviewed by the government.”

The CBN had on May 6, directed all commercial, merchant, non-interest and payment service banks, among others, to start charging 0.5 per cent cybersecurity levy on transactions as contained in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

The circular disclosed that the implementation of the levy would start two weeks from May 6, 2024.

According to the apex bank, the directive was sequel to an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively, on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.

Following the public outcry that greeted the levy, many Nigerians had called for its suspension. Also, the House of Representatives, last week, urged the CBN to withdraw the directive on cybersecurity.

 

 

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