President Bola Tinubu has ordered the Central Bank of Nigeria, CBN, to suspend its cybersecurity levy policy.
The CBN had via a circular dated May 6, 2024, directed banks to begin charging a 0.5 per cent cybersecurity levy on all electronic transactions two weeks from then on.
The development sparked widespread censure amid growing economic burden already imposed by some of the incumbent government’s policies.
The public indignation against it has made the President to ask the CBN to suspend the implementation of the controversial policy.
This, is according to Punchng citing an unnamed senior official in the Presidency as source.
Quoting the latter, the publication wrote, “The President is sensitive to what Nigerians feel. And he will not want to proceed with implementing a policy that adds to the burden of the people.
“So, he has asked the CBN to hold off on that policy and ordered a review. I would have said he ordered the CBN, but that is not appropriate because the CBN is autonomous. But he has asked the CBN to hold off on it and review things again.”
