The Federal Government has suspended the controversial cybersecurity levy on electronic banking transactions. Nigeria’s Minister of Information and National Orientation, Mohammed Idris, announced this after the Federal Executive Council (FEC) meeting in Abuja.
He said that the policy is currently under review, and the government has put it on hold.
The Central Bank of Nigeria (CBN) had previously mandated banks, mobile money operators, and payment service providers to implement the levy, which would have imposed a 0.5% charge on all electronic transactions. The funds were intended for the National Cybersecurity Fund overseen by the Office of the National Security Adviser (NSA).
In response to public outcry and calls for clarity, the House of Representatives urged the CBN to withdraw the initial circular and issue a more understandable one.
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