THE Central Bank of Nigeria (CBN) has finally withdrawn the circular it issued to all commercial banks on May 6, directing them to implement a compulsory withdrawal of 0.05 per cent from every electronic transaction as cybersecurity levy.
The directive for collection of the levy had attracted nationwide condemnation, prompting the Presidency to immediately order the suspension of its implementation.
In a withdrawal circular issued on Sunday night, May 19, CBN directed the banks not to go ahead with the initial directive, in line with the presidential directive.
The apex bank officials claimed it was a sign that the present administration was a listening one that prioritises public good.
The Director in charge of Payments System, Chibuzor Efobi, and Director, Financial Policy and Regulation, Haruna Mustapha, said: “Further to this, please be advised that the above referenced circular is hereby withdrawn,” urging all banks to “Please, be guided accordingly.”
