The Federal Government has announced the suspension of the controversial 0.5% cybersecurity fee on electronic banking transactions.
Minister of information, Mohammed Idris, who confirmed the suspension to State House correspondents on Tuesday after the two-day FEC meeting held at the Presidential Villa, said the levy was undergoing review and has been put on hold for now.
He said, “the cybersecurity levy has been suspended. It is undergoing review. It had been put on hold for now.”
The Central Bank of Nigeria (CBN) had recently issued a directive to all banks and financial institutions, mandating the implementation of a 0.5% cybersecurity levy on all electronic banking transactions.
This new levy, set at 0.5% of the value of every electronic transaction, was introduced in response to the escalating concerns over cyber threats and follows the guidelines of the recently enacted Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024.
This measure, according to CBN, was crucial for enhancing the security framework of financial operations across the country.
However, the levy has drawn criticisms from businesses and the public over fears that it could worsen the already dire economic situation of Nigerians.
