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At last, the Central Bank of Nigeria (CBN) has withdrawn it’s earlier directive on banks and other financial  institutions to charges levy on electronic transfers, through the Cyber security law

The withdrawal came upon an order by the president which suspended the implementation of the levy, following widespread rejection and criticisms which it attracted from the Nigerian public 

The apex bank had in a statement on May 6, directed all commercial, merchant, non-interest and payment service banks, mobile money operators and payment service providers to charge a 0.5 percent cybersecurity levy on electronic transfers.

CBN which backed it’s position by citing the provisions of the Cybercrime prohibited Act of 2024, as amended, said the charges would be remitted to the national cyber security fund, adding that it would be administered by the Office of the National Security Adviser (ONSA).

The apex bank has however stopped  the banks and other financial institutions to from going on with it’s earlier directives through a circular titled ‘Re: Cybercrimes (Prohibition, Prevention, ETC) (Amendment) Act 2024 — Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy,’ and dated May 17.

The circular, which made public on May 19 was signed by Chibuzo Efobi, Director, payments system management department, and Haruna Mustafa, Director, financial policy and regulation department read; “The Central Bank of Nigeria circular dated May 6, 2024 (Ref:PSMD/DIR/PUB/LAB/017/004) on the above subject refers,” CBN said.

“Further to this, please be advised that the above referenced circular is hereby withdrawn.

“Please be guided accordingly.”

President Tinubu had directed the apex bank to suspend the implementation and review the modalities for its implementation as criticism had trailed the levy, including the Nigeria Labour Congress (NLC), which  while calling for the suspension of the levy, described it as “another burden on the shoulders of hardworking Nigerians”.

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