CBN Cancels 0.5% Cybersecurity Levy Amid FG Suspension

The Central Bank of Nigeria has canceled the 0.5% cybersecurity levy it directed all banks to charge customers for every transaction. Recall that the apex bank released a circular directing all banks to charge 0.5% on all electronic transactions (read here).

On the 14th of May 2024, the Federal Government of Nigeria suspended the implementation of the Cybersecurity levy and it was announced by the Minister of Information identified as Mohammed Idris. In a recent circular released by the Central Bank, they directed financial institute to ignore the cybersecurity levy.

See new circular below;