CBN – Page 6 of 14 – Prime Business Africa

Cybersecurity Levy: Tinubu Suspends Implementation, Orders Review President Bola Tinubu has directed the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy, which aimed to charge 0.5% on all electronic transactions. The move follows the House of Representatives' resolution asking the CBN to withdraw its circular directing banks to commence charging the levy. The CBN had issued a circular on May 6, mandating banks, mobile money operators, and payment service providers to implement the levy, as provided for in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024. However, the policy sparked varied reactions among stakeholders, with many expressing concerns that it would increase the cost of doing business in Nigeria and potentially hinder digital transaction adoption. Tinubu's decision to suspend the implementation and order a review is seen as a welcome development by many, including the Peoples Democratic Party (PDP), which described the policy as "anti-people" and "insensitive." The Centre for Promotion of Private Enterprises (CPPE) commended the President for listening to the voices of the people, while the Director of Centre for Anti-corruption and Open Leadership (CACOL) urged the Federal Government to consider a total cancellation of the policy instead of a temporary suspension. The Socio-Economic Rights and Accountability Project (SERAP) had threatened to file a lawsuit if the Federal Government did not withdraw the levy within 48 hours, stating that it violates the Nigerian constitution and international human rights obligations. The Nigeria Labour Congress (NLC) also rejected the levy, demanding its reversal and prioritizing policies that alleviate the financial burdens of Nigerians. The development highlights the need for inclusive and consultative policy-making, ensuring that the voices of all stakeholders are heard and considered. As the review process commences, it is essential to prioritize the interests of Nigerians and promote policies that foster economic growth and development.

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CBN - Page 6

Tinubu Orders CBN To Suspend Cybersecurity Levy Policy

How Naira Drops From Best Performing Currency To worst In The World

Nigerian Govt Spends $1.12bn On External Debt Service In Q1

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CBN’s Cybersecurity Levy Sparks Reactions From Nigerians

4 Electronic Transaction Levies Nigerians Pay As CBN Introduces Cybersecurity Levy

CBN Suspends Cash Deposit Charges Until September

CBN Orders Banks To Charge 0.5% Cybersecurity Levy On Transactions

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