Cybersecurity Levy: Finally, CBN Makes U-turn, Withdraws Circular

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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…

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