Nigeria's Central Bank withdraws 0.5% compulsory levy on electronic transactions after public criticism.
Nigeria's Central Bank (CBN) has withdrawn its directive for commercial banks to collect a 0.5% compulsory levy from electronic transactions as cybersecurity fees. The decision follows widespread criticism and President Bola Tinubu's suspension of the policy's implementation. The CBN cited its responsiveness to public concerns and prioritization of public welfare as reasons for the withdrawal.
May 19, 2024
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