The Central Bank of Nigeria (CBN) on Sunday night withdrew its earlier circular issued to all commercial banks on May 6, 2024, through which they were directed to implement a compulsory withdrawal of 0.05 per cent from every electronic transaction as cybersecurity levy.
The controversial directive for collection of the levy had attracted widespread condemnation when the policy was introduced last week by the CBN, prompting the Presidency to immediately suspend its implementation.
In a withdrawal circular that was issued by the CBN on Sunday night, the banks were directed not to go ahead with the initial directive, in line with the presidential directive. The apex bank authorities claimed it was a sign that the present administration was a listening one that prioritises public good.
Said Chibuzo Efobi, CBN director in charge of payments system, and Haruna Mustapha, Director, Financial Policy and Regulation, in the circular: “Further to this, please be advised that the above referenced circular is hereby withdrawn. Please be guided accordingly”.