The Nigerian Government has confirmed the suspension of the Cybersecurity Levy proposed by the Central Bank of Nigeria (CBN), allowing for a thorough review of the policy.
Mohammed Idris, the Minister of Information and National Orientation, affirmed this at the end of the meeting of the Federal Executive Council (FEC), chaired by President Bola Tinubu.
News Central reports that on May 7, 2024, the CBN issued a directive to banks, compelling them to enforce a cybersecurity levy on all e-transactions. This levy, in line with the guidelines of the recently amended Cybercrime (Prohibition, Prevention, etc.) Act of 2024, was enacted in response to mounting concerns over cyber threats.
The CBN asserted that the levy was crucial to fortify the framework of financial operations nationwide. However, the cybersecurity levy has faced significant criticism from Nigerians, who are already grappling with the harsh economic conditions prevailing in the country.