BREAKING NEWS: CBN SAYS NO MORE CYBER SECURITY LEVY.

The Central Bank of Nigeria (CBN) has retracted its circular that imposed a 0.5% national cybersecurity levy on electronic transactions. This move came after widespread criticism and a directive from the House of Representatives. The levy was intended to fund the National Cybersecurity Fund as per the Cybercrime (Prohibition, Prevention, etc.) Act of 2015.

Critics argued that the levy would place an additional financial burden on Nigerians already facing economic challenges. Moreover, there was significant confusion regarding the implementation of the levy, as the circular suggested that the fee would be deducted from customers' accounts at the point of transaction, raising concerns about potential misinterpretation and adverse effects on financial inclusion efforts 

The House of Representatives highlighted the need for the CBN to issue a clearer directive that aligns with the Cybercrimes Act, specifically noting that the levy should be collected from businesses specified in the Act, rather than directly from customers