President BOLA TINUBU has asked the Central Bank of Nigeria (CBN) to suspend the implementation of the cybersecurity levy policy and ordered a review.

This followed the decision of the House of Representatives, asking the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.

The CBN on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention) (Amendment) Act 2024.

According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser.

The president however asked the CBN to withdraw the initial circular and issue a more understandable one.

Similarly, the Centre for the Promotion of Private Enterprises (CPPE)and the Nigerian labour congress (NLC) have also rejected the levy, stating that it would worsen the economic hardship on Nigerians.

CPPE director, MUDA YUSUF, in a statement called for its suspension, noting that it is insensitive when Nigerians face severe economic hardship.