The Central Bank of Nigeria (CBN) has reversed course on a controversial cybersecurity levy, just days after announcing it. The levy, which would have seen a 0.5 per cent charge applied to electronic transactions, sparked immediate public backlash upon its introduction on May 6th, 2024.
In a revised circular released on May 17, the CBN instructed all banks, payment service providers, and other financial institutions to disregard the previous directive. This swift backtrack follows widespread criticism, with many Nigerians concerned the levy would add to the strain of rising inflation.
The initial directive cited the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024 as justification for the levy. However, the Act itself has been met with controversy, with the Federal Executive Council pausing its implementation for further review.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
