The Central Bank of Nigeria (CBN) has withdrawn its circular directing banks to implement a 0.5 per cent cybersecurity levy on electronic transactions. The decision of the regulatory bank followed the public outrage that trailed the announcement of the policy two weeks ago and the suspension of the levy by the Federal Government last week. In its initial circular dated …

The Socio-Economic Rights and Accountability Project (SERAP) has issued a warning to the Federal Government to reverse the 0.5 per cent cybersecurity levy imposed by the Central Bank of Nigeria (CBN). SERAP also threatened to engage in legal action against the government if it failed to reverse the levy within a 48-hour. The non-governmental organisation stated this Tuesday via its …

The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging a 0.5 per cent cybersecurity levy on transactions. This was contained in a circular dated 6 May 2024 by the apex bank to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers. “Following the …