On the 6th of May, the Central Bank of Nigeria (CBN) issued a circular to implement cybersecurity levy on electronic transactions. The cybersecurity levy involves a deduction of 0.5% (half a percent) from the value of all electronic transactions.

Following public outcry, the President, Bola Tinubu had ordered the withdrawal of the policy. CBN on the 17th of May in a circular posted on its official website and addressed to commercial, merchant, non-interest and payment service banks; other financial institutions, mobile money operators and payment service providers officially withdrew the circular.

We previously reported on the cybersecurity levy in our news report titled Cybersecurity Levy.

You can read the circular withdrawing the earlier one here.