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Cybersecurity Levy: Tinubu Suspends Implementation, Orders Review President Bola Tinubu has directed the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy, which aimed to charge 0.5% on all electronic transactions. The move follows the House of Representatives' resolution asking the CBN to withdraw its circular directing banks to commence charging the levy. The CBN had issued a circular on May 6, mandating banks, mobile money operators, and payment service providers to implement the levy, as provided for in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024. However, the policy sparked varied reactions among stakeholders, with many expressing concerns that it would increase the cost of doing business in Nigeria and potentially hinder digital transaction adoption. Tinubu's decision to suspend the implementation and order a review is seen as a welcome development by many, including the Peoples Democratic Party (PDP), which described the policy as "anti-people" and "insensitive." The Centre for Promotion of Private Enterprises (CPPE) commended the President for listening to the voices of the people, while the Director of Centre for Anti-corruption and Open Leadership (CACOL) urged the Federal Government to consider a total cancellation of the policy instead of a temporary suspension. The Socio-Economic Rights and Accountability Project (SERAP) had threatened to file a lawsuit if the Federal Government did not withdraw the levy within 48 hours, stating that it violates the Nigerian constitution and international human rights obligations. The Nigeria Labour Congress (NLC) also rejected the levy, demanding its reversal and prioritizing policies that alleviate the financial burdens of Nigerians. The development highlights the need for inclusive and consultative policy-making, ensuring that the voices of all stakeholders are heard and considered. As the review process commences, it is essential to prioritize the interests of Nigerians and promote policies that foster economic growth and development.
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Tinubu Orders CBN To Suspend Cybersecurity Levy Policy

President Bola Tinubu has intervened in the implementation of the controversial cybersecurity levy, ordering a suspension and review. The move comes after the House of Representatives called for a withdrawal of the Central Bank of Nigeria’s directive on the levy, citing ambiguity.
May 12, 2024
Energy, Exchange Rate, Transportation Top Three Drivers Of Inflation In Nigeria - CBN Survey
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CBN Suspends Cash Deposit Charges Until September

The Central Bank of Nigeria (CBN) has halted charges on cash deposits until September 30, 2024. In a circular dated May 6, 2024, signed by Adetona Adedeji, the Director of Banking Supervision, the CBN directed banks to cease the collection of processing
May 8, 2024
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