Nigeria has withdrawn the cybersecurity levy that was supposed to take effect on 20th May, 2024.

Let’s give you a little backstory. Two weeks ago, Nigerians took to social media to express their displeasure over a new law that would see them pay a whooping 0.5% tax on every digital transaction they made.

A lot of Nigerians considered the cyber security tax an unwelcome development and they definitely didn’t stand for it.

Guess what?

Maybe CBN read your opinions on X formerly known as Twitter or maybe the government just decided to suspend the bill. Bottomline is, the Central Bank of Nigeria (CBN), in a circular to all financial institutions have withdrawn the bill.

The withdrawal is a result of the decision of the Federal Executive Council (FEC) at its last meeting to suspend the levy as it has generated public outcry.

Good news right?

This means that the 0.5% tax on every inter-bank transfer and all other digital transactions is hereby suspended.

What do you think about this development?

Do you love it because we do!

Let us know your thoughts about this in the comment section.