Tag: cybersecurity levy

CBN slashes cybersecurity levy to 0.005% on electronic transactions

Aminu Imam
CBN on levy

The Central Bank of Nigeria, (CBN), has reduced the cybersecurity levy on electronic transactions from 0.5% to 0.005% as part of its fiscal guidelines for 2024-2025. This adjustment follows the earlier controversial introduction of the levy, which faced significant opposition from the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and bank customers. The reduction follows President Bola Tinubu’s directive in May to review and suspend the original levy due to widespread protests, and a subsequent demand from the House of Representatives for its withdrawal. Despite the backlash, the CBN…

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?Cybersecurity Levy: Amidstpublic outcry, Tinubu suspends implementation, orders review

Aminu Imam
Tinubu suspends

President Bola Tinubu has ordered a review of the controversial cybersecurity levy and suspended its implementation. The decision to suspend the implementation of the cybersecurity levy was taken on Thursday following the outrage that greeted the decision to implement it. According to an official of the Central Bank of Nigeria (CBN), “This week, banks will be asked to ignore the implementation directive. A source close to the Government disclosed that the president had called the CBN governor on the matter and that the CBN is likely going to issue a…

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H/Reps block CBN from implementating cybercrime levy

Aminu Imam
H'Reps

The House of Representatives has moved against the implementation of the cybercrime levy announced by the Central Bank of Nigeria, (CBN). The lower legislative chamber directed the apex bank to immediately suspend the implementation of the cybercrime levy in compliance with the provisions of the Cybercrime Act. The House said the circular by the CBN was ambiguous and can be misconstrued by Nigerians. It added that the circular runs foul of section 44(2a) of the cybercrime Act which specify those who are expected to pay the levy. The opposition of…

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‘Cybersecuritylevy is unacceptableextortion’ Northern Coalition Groups

Aminu Imam
CNG

The Coalition of Northern Groups, (CNG), has rejected the proposed imposition of a 0.5% cyber-security levy on every electronic transaction in the Nigerian banking system by the Central Bank of Nigeria, (CBN). The CNG said the levy, which is expected to be effective within the next two weeks, exemplifies the federal governments lack of compassion and empathy for the plight of Nigerians in the face of the current economic hardship. In an issued statement, signed by its National Coordinator, Comrade Jamilu Aliyu Charanchi, the CNG described the levy as crass…

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CBN orders bank to deduct cybersecurity levy on all electronic transfers

Aminu Imam
CBN HQ

The Central Bank of Nigeria, (CBN), has imposed 0.005 percent ‘Cybersecurity Levy’ all on electronic transfers. The development is contained in a circular issued by the CBN’s Director of Payment Services, Uzoma Efobi, and addressed to all banks and payments services operators in the country on Monday. According to the apex bank, the deductions would become effective from the next two weeks and that the deductions shall be applied at the transaction origination. They will be put together and paid into the Cybersecurity Fund held by the CBN. The apex…

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SERAP gives FG 48-hour ultimatum to reverse cybersecurity levy

Aminu Imam
SERAP

Socio-Economic Rights and Accountability Project (SERAP) has urged the Federal Government to urgently reverse the 0.5% cybersecurity levy introduced by the Central Bank of Nigeria, (CBN). In a statement on X, SERAP warned that it would take legal action if the government fails to comply within 48 hours, describing the levy as an imposition that must be immediately reversed. SERAP stated, The Tinubu administration must immediately withdraw the grossly unlawful CBN directive to implement section 44 of the Cybercrime Act 2024, which imposes a 0.5% cybersecurity levy on Nigerians. Well…

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