{"id":323686,"date":"2024-05-19T23:20:05","date_gmt":"2024-05-19T22:20:05","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=323686"},"modified":"2024-05-19T23:20:05","modified_gmt":"2024-05-19T22:20:05","slug":"cbn-makes-u-turn-withdraws-cybersecurity-levy","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/05\/19\/cbn-makes-u-turn-withdraws-cybersecurity-levy\/","title":{"rendered":"CBN makes U-turn, withdraws cybersecurity levy"},"content":{"rendered":"<ul>\n<li><strong><strong>The controversial directive for collection of the levy had attracted nationwide condemnation when the central bank introduced the policy last week, prompting the Presidency to immediately suspend the implementation of the Cybersecurity Levy<\/strong><\/strong><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p>The Central Bank of Nigeria (CBN) has withdrawn the circular it issued to all commercial banks on May 6, 2024, directing them to implement a compulsory withdrawal of 0.05 per cent from every electronic transaction as cybersecurity levy.<\/p>\n<p>The controversial directive for collection of the levy had attracted nationwide condemnation when the central bank introduced the policy last week, prompting the Presidency to immediately suspend the implementation of the <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/05\/13\/cybersecurity-levy-for-telcos-financial-institutions-not-citizens-senator-buba\/\" target=\"_blank\" rel=\"noopener\">Cybersecurity Levy<\/a>.<\/p>\n<p>In a withdrawal circular that was issued by the CBN on Sunday night, it directed the banks not to go ahead with the initial directive, in line with the presidential directive. The apex bank authorities claimed it\u2019s a sign that the present administration was a listening one that prioritises public good.<\/p>\n<p>\u201cFurther to this, please be advised that the above referenced circular is hereby withdrawn,\u201d CBN director in charge of payments system, Chibuzo Efobi, and the director, financial policy and regulation, Haruna Mustapha, said in the circular, adding that all banks should \u201cPlease be guided accordingly.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The controversial directive for collection of the levy had attracted nationwide condemnation when the central bank introduced the policy last week, prompting the Presidency to immediately suspend the implementation of the Cybersecurity Levy The Central Bank of Nigeria (CBN) has withdrawn the circular it issued to all commercial banks on May 6, 2024, directing them [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":308890,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[70639,658,78917,6192],"class_list":["post-323686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-cardoso","tag-cbn","tag-cybersecurity-levy","tag-withdraw"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBN makes 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