The Federal Government has suspended the controversial cybersecurity levy on electronic banking transactions.

This was disclosed by Nigeria’s Minister of Information and National Orientation Mohammed Idris, while briefing news men after the Federal Executive Council (FEC) meeting at the State House in Abuja, stating that the policy is currently under review.

Recall that the Central Bank of Nigeria, CBN, had earlier this month mandated banks, mobile money operators, and payment service providers to implement the levy as contained in the Cybercrime (Prohibition, Prevention) Amendment Act 2024.

Last week, the House of Representatives asked the CBN to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent cybersecurity levy, describing it as “ambiguous”.

The development was in response to a motion on the urgent need to halt and modify the implementation of the cybersecurity levy moved by a member representing Obio/Akpor Constituency, Kingsley Chinda.