BusinessNewsNigeriaCBN Backtracks on Cybersecurity Levy, Directive to Banks Withdrawn
The Central Bank of Nigeria, CBN, has withdrawn its directive mandating banks and payment service providers to collect a cybersecurity levy. The levy, outlined at 0.5 per cent of electronic transactions, was met with widespread criticism shortly after its announcement on 6th May 2024. The CBN’s revised circular, dated 17th May 2024, instructs all commercial banks, payment service providers (PSPs), non-interest banks, and others to disregard the previous directive. According to the latest circular, the...










