Reports: Tinubu Allegedly Directs Suspension of Cybersecurity Levy
In response to public rejection, President Bola Ahmed Tinubu has reportedly instructed the Central Bank of Nigeria to halt the implementation of the contentious cybersecurity levy policy, as per sources close to the presidency.
The move follows the House of Representatives' call last Thursday for the CBN to retract its directive requiring all financial institutions to apply a 0.5% cybersecurity levy on electronic transactions nationwide.
On May 6, 2024, the CBN issued a circular instructing banks, mobile money operators, and payment service providers to enforce a new cybersecurity levy, triggering public backlash from Nigerians, as well as disapproval from the Nigerian Labour Congress and the Centre for the Promotion of Private Enterprises.
The Nigerian Labour Congress has criticized t...