President Bola Tinubu has asked the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy and ordered a review of the law and policy necessitating it.
This is coming after the decision of Nigeria’s House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.
Also, a statement signed by Nigerian Labour Congress (NLC) President, Joe Ajaero, demanded the reversal of the directive by CBN, adding that the Federal Government should prioritise policies that alleviate the financial burdens of Nigerians.
The CBN had on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.
According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser (NSA).
However, Nigerians will be waiting to see whether the apex bank will obey Tinubu’s directive, because the CBN is autonomous.