It has been learnt that the Central Bank of Nigeria (CBN) is expected to direct banks to suspend the implementation of the Cybersecurity Levy billed to begin today.
There has been an outcry since the CBN circular to banks on the levy was made public.
A source in the Presidency said the President, given his sensitivity to the plight of Nigerians under the current economic conditions, would not allow anything that would further stress the citizens.
Confirming the development yesterday in Abuja, another Presidency source said the implementation of the Act was an Office of the National Security Adviser (ONSA) affair, with the CBN playing the middle role.
“He (The President) didn’t order the CBN. That is a wrong slant. It is not a CBN action; it is an ONSA action. The CBN only issued the circular to banks as implementing institutions.
“The President simply stopped the implementation for now to avoid putting extra burden on Nigerians. The NSA also didn’t get his approval before implementing the provision of the Cybersecurity Act.
“It is wrong to say he (NSA) ordered the CBN to stop. The CBN is not the originator of the action. It is the NSA,” the source added.
A CBN source said banks are expected to get an order to “ignore the implementation directive” this week.
