The Central Bank of Nigeria (CBN) has clarified that it has not reinstated the cybersecurity levy that was previously suspended. The CBN had initially suspended the levy’s implementation following a decision by the Federal Executive Council (FEC). In May, the CBN had directed all banks in Nigeria to collect and remit a 0.5 percent cybersecurity … Read more
The Central Bank of Nigeria (CBN) has refuted claims that it has reinstated the cybersecurity levy on electronic transfers, a charge that was suspended earlier this year. Originally, on May 6, 2024, the CBN issued a directive requiring all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators, to implement a … Read more
The Central Bank of Nigeria (CBN) has announced plans to reintroduce and enforce the payment of the Cybersecurity Levy on electronic transactions across the country. This was outlined in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, released on Tuesday. According to the document, the levy, which was initially … Read more
CBN Withdraws Cybersecurity Levy Circular. The withdrawal was announced in a statement by CBN officials Haruna Mustafa and Chibuzo Efobi. The original circular issued on May 6, 2024, has been retracted as per the new announcement. EKO HOT BLOG reports the Central Bank of Nigeria, CBN has withdrawn the circular directing banks and other financial institutions … Read more
Tinubu halts Cybersecurity levy following public outcry Minister of Information confirms directive to halt enforcement and review implementation methods Decision made after discussions in Federal Executive Council; levy under review by government. EKO HOT BLOG reports that President Bola Tinubu has instructed the suspension of the contentious cybersecurity levy. The Minister of Information and National Orientation, Mohammed … Read more
Individuals and bank customers exempted from proposed levy Financial institutions, telcos identified as primary targets Aims to enhance cybersecurity measures, national security Eko Hot Blog reports that, addressing concerns raised by Nigerians, the Senate Committee on National Security and Intelligence has clarified that the proposed Central Bank of Nigeria (CBN) cybersecurity levy is targeted at … Read more
Eko Hot Blog reports that President Bola Tinubu has directed the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy and ordered a review. This followed the decision of the House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all banks to commence charging a … Read more
Eko Hot Blog reports that the Trade Union Congress (TUC) has berated opposition lawmakers in the National Assembly over its perceived silence on the controversial cybersecurity levy. Recall that the Central Bank of Nigeria (CBN) on May 6 directed banks and other financial institutions to implement a 0.5 per cent cybersecurity levy on electronic transfers. … Read more
No Suspension Of Cybersecurity Levy’ – Reps Stands Firm, aligning with CBN’s directive. CBN mandates 0.5% cybersecurity levy on electronic transactions for financial institutions. Lawmakers express concern over levy’s timing and handling of funds, with Speaker Abbas urging further discussion on the matter. EKO HOT BLOG reports that the House of Representatives has decided not to … Read more
CBN suspends cash deposit fees until September 30, 2024. New directive mandates 0.5% cybersecurity levy on electronic transactions. Financial institutions deduct levy at transfer origin, remit to National Cybersecurity Fund. EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has announced the suspension of cash deposit fees for customers until September 30, 2024. This … Read more
SERAP issues 48-hour ultimatum to FG to withdraw CBN’s cybersecurity levy directive. CBN directive mandates 0.5% cybersecurity levy on electronic transactions, in line with Cybercrime Act 2024. SERAP threatens legal action if directive not withdrawn within stipulated time frame. EKO HOT BLOG reports that the Socio-Economic Rights and Accountability Project (SERAP) has issued a 48-hour … Read more
Nigerian bank customers will start paying more for their electronic transfers. This comes after the CBN directed banks to charge a “cybersecurity levy”. The levy takes effect in two weeks. Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has directed all financial institutions to implement a 0.5 percent cybersecurity levy on electronic … Read more