Nigeria Walks Back Cybersecurity Levy after Public Outcry

In an interesting turn of events, Nigeria’s Information Minister, Mohammed Idris, has announced a suspension on the proposed cybersecurity levy on electronic money transfers announced last week. Mr. Idris didn’t give any reason for the decision but his announcement comes as a relief to Nigerians, most of whom had voiced out against the policy. Nigeria’s regulatory bank, Central Bank of Nigeria, had released a circular last week directing all banks and mobile money operators to charge a 0.5% fee on all electronic transfers towards a cybersecurity fund. The announcement had generated widespread criticism, especially in light of the country’s ongoing economic turmoil that includes ever rising inflation, constant devaluation of the naira, and a high cost of living.

SOURCE: REUTERS