Progressive shareholders sue Nigerian govt over 0.5% cybersecurity levy

The Progressive Shareholders Association of Nigeria (PSAN) challenged the constitutionality of the 0.5% cybersecurity levy imposed by the Central Bank of Nigeria (CBN) at the Federal High Court, Lagos.

The apex bank had earlier this month directed all financial institutions in the country to begin the deduction of cybersecurity levy on all electronic transactions effective May 20.

The CBN first issued the directive in 2018.

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