Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing banks to implement a controversial 0.5 per cent cybersecurity levy on electronic transactions.

The decision of the apex bank to withdraw the circular followed the public outrage that trailed the announcement of the policy two weeks ago and the suspension of the levy by the Federal Government last week.

The CBN in its latest circular advised financial institutions that the initial circular on implementing the cybersecurity levy is hereby withdrawn.

The CBN’s latest circular was co-signed by its Director of Payments System Management Department, CHIBUZO EFOBI; and his counterpart at the Financial Policy and Regulation Department, HARUNA MUSTAFA.