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CBN retracts cybersecurity levy directive

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In a significant policy reversal, the Central Bank of Nigeria (CBN) has withdrawn its directive for banks and payment service providers to collect and remit the cybersecurity levy as stipulated in the Cybercrime Prevention and Prohibition Amendment Act of 2024. This announcement came through a revised circular issued on May 17, 2024. The updated circular, … Read more

CBN orders banks to suspend charges on deposits till September

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Bank Queue

The Central Bank of Nigeria, CBN, has asked banks to suspend cash deposit charges until September 30, 2024. The central bank announced this in a circular dated May 6, 2024, signed by Adetona Adedeji, Director of Banking Supervision. Customers of various Deposit Money Banks expressed concern that the banks had begun collecting processing fees for … Read more