The decision of the apex bank to withdraw the circular followed the suspension of the levy by the Federal Government
Browsing: Cybersecurity Levy
Minister of Information and National Orientation, Mohammed Idris, disclosed the suspension of the levy on Tuesday.
In the circular, the apex bank directed banks and other financial institutions to start deducting 0.005 per cent cybersecurity levy on all electronic banking transactions and to start the collection within two weeks of the date the circular was issued and remit the same to the NCF account domiciled in the Apex Bank.
In 2015, Nigeria took a significant step forward in combating cyber threats with the enactment of the Cybercrime Act
The decision to implement a 0.5 percent levy on some electronic transactions sparked outrage across the country.
The representative of Bauchi South Senatorial District, who sponsored the amendment bill, revealed this to Economic Confidential.
The CBN had last week directed banks to implement the levy, equivalent to half percent of all electronic transactions.
The reaction from the public has also been surprising to me because the Cybercrimes Act came into public space way back in 2015.
The cybersecurity levy is provided for in the Cybercrimes (Prohibition, Prevention, etc) (Amendment) Act, 2024.
The House of Representatives has urged the Central Bank of Nigeria to halt the proposed implementation of the cyber security levy.
This was contained in a circular on Monday by the Director of Payment Services of the apex bank, Uzoma Efobi.