Tag: Cyber Security Levy

Central Bank Issues Fresh Circular Stoping Directive To Implement Cybersecurity Levy

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Central Bank Issues Fresh Circular Stoping Directive To Implement Cybersecurity Levy

The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing commercial banks, mobile money operators, and other financial institutions to implement the National Cybersecurity Levy. The circular, issued May 6, 2024, with reference PSMD/DIR/PUB/LAB/017/004, mandated the institutions to collect a 0.5 percent levy on all electronic transactions. The move was primarily informed by…

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Finance and Economy

Reps Ask CBN To Withdraw Cyber Security Levy Circular, Says It’s ‘Ambiguous’

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Reps Ask CBN To Withdraw Cyber Security Levy Circular, Says It’s ‘Ambiguous’

The House of Representatives on Thursday asked the Central Bank of Nigeria (CBN) to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent cybersecurity levy, describing it as “ambiguous”. The development was in response to a motion on the urgent need to halt and modify the implementation of the cybersecurity…

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Finance and Economy

Cyber Security Levy: We Will Shutdown The Economy If … – TUC

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Cyber Security Levy: We Will Shutdown The Economy If … – TUC

The Trade Union Congress (TUC) has threatened a massive protest that will shut down the Nigerian economy should the Federal Government fail to cancel the controversial cybersecurity levy recently introduced by the Central Bank of Nigeria. The TUC in a statement signed by its President, Festus Osifo, on Wednesday, slammed the directive by the CBN…

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Activists and Activism

The New Cyber Security Levy To Be Paid By Nigerians On All E-Transactions

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The New Cyber Security Levy To Be Paid By Nigerians On All E-Transactions

The Central Bank of Nigeria, on Monday, directed banks and other financial institutions to start charging a cybersecurity levy on all banking transactions. According to the circular, the implementation of the levy would start in two weeks. The circular read in part, “Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and…

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Finance and Economy