Cybersecurity levy: CBN pulls back directive to banks

The Central Bank of Nigeria has complied with the order by President Bola Tinubu to suspend the implementation of the Cybersecurity levy.

The President had also told the Apex bank to review the modalities for its implementation. In a fresh circular to banks and payment service providers, the CBN revealed it was withdrawing its initial directive. Signed by Chibuzor Efobi, Director of Payment Systems Management; and, Haruna Mustafa, Director of Financial Policy and Regulation Department, the CBN said: “Further to this, please be advised that the above-referenced circular is hereby withdrawn.”

A public backlash had greeted the introduction of the controversial levy intended to be imposed on certain categories of banking transactions.