Following the dust raised by the attempt to introduce another tax, a Cyber security levy, on Nigerians who are customers of commercial banks, the Central Bank of Nigeria (CBN) has withdrawn the circular it issued to all commercial banks on May 6, 2024, directing them to implement a compulsory withdrawal of 0.05 per cent from every electronic transaction as a cyber security levy.
In a withdrawal circular issued yesterday, the Apex Bank directed the banks not to proceed with the initial directive, in line with the presidential directive.
The CBN’s withdrawal of the Cybersecurity levy is a testament to the power of public opinion. It’s a clear sign that the present administration is people-oriented and listens to the public, placing public good over government interest.
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The controversial cyber security levy directive sparked a nationwide outcry when the central bank introduced it last week. However, the swift action of the Presidency to suspend it immediately brought a sense of relief to Nigerians.
“In view of this, please be advised that the above-referenced circular is hereby withdrawn,” CBN director in charge of the payments system, Chibuzo Efobi, and the director of financial policy and regulation, Haruna Mustapha, said in the circular sent out to all banks.
Recalled that Nigerians were spoilt for a showdown over the intention of the CBN to add another levy on bank transactions despite the excruciating pains bank customers were going through over arbitrary charges from the banks on their deposits and transactions.
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