Nigeria officially suspends its 0.5% cybersecurity levy

Nigeria’s central bank has suspended its planned levy on domestic remittances to fund cybersecurity.

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Last week, the central bank issued a circular asking all banks and mobile operators to collect 0.5% of the value of electronic transfers as a cybersecurity levy.

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“The government has ordered the implementation of the cybersecurity tax policy to be put on hold and has therefore been suspendedInformation Minister Mohammed Idri told reporters after a cabinet meeting in Abuja.

The new levy was planned as authorities crack down on cryptocurrencies, which they blame for Nigeria’s currency weakness.

Source: Reuters

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