Nigeria Officially Suspends Its 0.5% Cybersecurity Levy
Nigeria’s Central Bank has suspended its planned levy on domestic money transfers to fund cybersecurity.
Details
The central bank in a circular last week told all banks and mobile money operators to charge 0.5% of the value of electronic transfers as a cybersecurity levy.
What They’re Saying
“The cybersecurity tax policy implementation has been directed by the government to be put on hold, so it has been suspended,” Information Minister Mohammed Idri told reporters following a cabinet meeting in Abuja.
The new levy was planned as authorities clamp down on cryptocurrency, which they have blamed for Nigeria’s currency weakness.
Source: Reuters
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