Nigerian president orders central bank to suspend levy

“Cyber security levy” would have charged 0.5% of most electronic transactions

Central Bank of Nigeria
The Central Bank of Nigeria
Wikimedia/Commons/Godwin Paya

Nigeria’s president has ordered the central bank to suspend a planned “cyber security levy” on most electronic transfers.

The Central Bank of Nigeria (CBN) told banks on May 6 that it would start to levy the 0.5% fee in 14 days’ time, media reported. But on May 12, president Bola Tinubu ordered the central bank to suspend the levy and review its plans, Punch newspaper reported.

Tinubu acted after the lower house of parliament voted on May 9 to ask the CBN to withdraw the measure. The planned levy

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