Media reports have quoted a recent CBN publication titled Monetary, Credit, Foreign Trade, and Exchange Policy Guideline that the levy has been reintroduced but has been reduced to 0.005% from the initial 0.5%
However, in a circular released on Friday, September 19, the CBN noted that reports have connected new directives with outdated policies, such as the cyber security levy and fuel subsidy issues.
Part of the circular reads:
In May 2024, TimesNow.com.ng reported that the central bank had mandated a 0.5% cybersecurity levy on all electronic transaction values to combat rising cybercrime threats in the financial system.
The CBN stated that the collected funds would be directed to the National Cybersecurity Fund (NCF), managed by the Office of the National Security Adviser (ONSA).
However, after significant opposition from the Organised Private Sector (OPS), stakeholders, and the public, the CBN announced on May 19 the withdrawal of the controversial circular regarding the levy.
TimesNow.com.ng earlier reported that Unity Bank announced that it had resolved the network issues that had affected its customers.
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria released a public statement on the network issues.
The bank has apologised for the inconvenience and announced that regular services has been restored.
Source: TimesNow.com.ng
