CBN: Tinubu reportedly orders suspension of cybersecurity levy

President Bola Ahmed Tinubu has reportedly asked the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy because Nigerians have rejected it.
A report on Sunday quoted presidential sources revealing Tinubu’s position on the cybersecurity levy.

This followed the decision of the House of Representatives last Thursday, which asked the CBN to withdraw its circular directing all banks to impose a cybersecurity levy of 0.5 percent on all electronic transactions in the country.

Recall that on May 6, 2024, CBN issued a circular requiring all banks, mobile operators and payment service providers to impose a new cybersecurity levy.

The levy was not well received by Nigerians, the Nigerian Labor Congress and the Center for the Promotion of Private Enterprises.

NCL opposed the levy saying it would worsen the economic hardships of Nigerians.

Similarly, the CPPE, in a statement by its Director, Dr. Muda Yusuf, her suspension for being insensitive when Nigerians face severe economic hardship.