Following the dust raised by the attempt to introduce the cyber security levy on Nigerians via their electronic bank transactions, the Central Bank of Nigeria (CBN) has withdrawn the circular it issued to all commercial banks on May 6.
In a withdrawal circular that was issued by the Apex bank yesterday, it directed the banks not to go ahead with the initial directive, in line with the presidential directive. The CBN said it’s a sign that the present administration is people-oriented and a listening one, that places public good over government interest.
The controversial cyber security levy directive had generated nationwide outcry when the central bank introduced the policy last week, forcing the Presidency to beat a retreat on the matter and directed that it should be suspended immediately.
“In view of this, please be advised that the above referenced circular is hereby withdrawn,” CBN director in charge of payments system, Chibuzo Efobi, and the director, financial policy and regulation, Haruna Mustapha, said in the circular sent out to all banks.
Recalled that Nigerians were spoilt for a showdown over the intention of the CBN to add another levy on bank transaction despite the excruciating pains bank customers were going through over arbitrary charges from the banks on their deposits and transactions.
