President Bola Tinubu is calling on the CBN to suspend the implementation of the controversial cybersecurity levy policy

President Bola Tinubu has called on the Central Bank of Nigeria to suspend implementation of the controversial cybersecurity levy policy and ordered a review.

This followed the decision of the House of Representatives, which last Thursday asked the CBN to withdraw its circular directing all banks to impose zero point five percent cybersecurity levy on all electronic transactions in the country.

The CBN issued a circular on May 6, 2024 requiring all banks, mobile operators and payment service providers to impose a new cybersecurity levy in accordance with the provisions of the Cybercrime Prohibition, Prevention, Amendment Act 2024.

President Tinubu ordered the suspension amid public protests that the implementation of the directive would further exacerbate the hardships Nigerians are currently facing.

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