The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing banks to implement a controversial 0.5% cybersecurity levy on electronic transactions.
The apex bank’s decision to withdraw the circular followed the backlash that trailed the announcement of the policy two weeks ago and the suspension of the levy by the Federal Government last week.
The CBN in its latest circular dated May 17, 2024, referred to the earlier circular issued on May 6 and advised financial institutions that the initial circular on the implementation of the cybersecurity levy has been withdrawn.
