In a recent announcement, Nigeria’s government has decided to suspend the newly proposed cybersecurity levy on domestic electronic transactions. Information Minister Mohammed Idris stated that the implementation of the 0.5% levy, initially introduced by the Central Bank of Nigeria (CBN), has been halted. The levy was part of measures to strengthen cybersecurity amid concerns over the impact of cryptocurrency on Nigeria’s currency stability.
The Nigerian Economic Summit Group (NESG) expressed apprehensions regarding the levy, citing potential economic burdens such as multiple taxation and inflationary pressures. They highlighted that the levy could exacerbate the cost of living crisis and hinder financial inclusion efforts.
The CBN had issued a circular to financial institutions about the levy, which was met with resistance from civil society groups. These groups called for a reassessment of the policy due to its potential economic impact on Nigerians.
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