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President Bola Tinubu has officially urged the Central Financial institution of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy.

Minister of Records and Nationwide Orientation, Mohammed Idris, introduced the suspension of the cybersecurity levy on Tuesday, Would possibly well well also 13.

Idris said that President Tinubu has directed the CBN to temporarily discontinue the enforcement of the 0.5 per cent cybersecurity levy and to uncover in regards to the methods for its utility.

The presidential expose is in step with public backlash and opposition following its announcement.

This followed the choice of the House of Representatives urging the CBN to withdraw its circular directing all banks to start out charging a 0.5 per cent cybersecurity levy on all electronic transactions in the nation.

The CBN on Would possibly well well also 6, 2024, issued a circular mandating all banks, mobile cash operators, and fee provider services to enforce a brand original cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

Per the Act, a levy amounting to 0.5 per cent of the fee of all electronic transactions will doubtless be composed and remitted to the Nationwide Cybersecurity Fund, overseen by the Office of the Nationwide Safety Adviser.