Nigeria hits pause on cybersecurity levy.

Article Summary

TLDR:

Nigeria suspends proposed cybersecurity levy on domestic money transfers.
Civil society groups raise concerns about multiple taxation and inflationary pressures.

Nigeria has announced the suspension of the proposed cybersecurity levy on domestic money transfers following backlash from civil society groups. The levy, which was introduced to clamp down on cryptocurrency and strengthen cybersecurity, has been put on hold by the government. The Nigerian Economic Summit Group (NESG) expressed concerns about the timing of the levy, citing worries about multiple taxation and inflationary pressures on Nigerians. The Central Bank of Nigeria issued a circular to financial institutions about the levy, but it has now been suspended due to public outcry.

Full Article:

Nigeria has decided to suspend the proposed cybersecurity levy on domestic money transfers, as announced by Information Minister Mohammed Idris. The levy was planned as part of efforts to crack down on cryptocurrency, which has been blamed for the country’s currency weakness. Civil society groups, including the Nigerian Economic Summit Group (NESG), raised concerns about the introduction of the levy, particularly its timing amid escalating inflation and financial exclusion.

The NESG urged the federal government to reconsider the levy due to worries about multiple taxation and inflationary pressures affecting Nigerians. They highlighted the inappropriateness of the levy given the current cost of living crisis and increased currency circulation. The Central Bank of Nigeria had issued a circular to various financial institutions, including commercial, merchant, non-interest, and payment service banks, about the cybersecurity levy, but it has now been suspended in response to public pressure.

The decision to suspend the levy reflects the government’s responsiveness to public concerns and the need to carefully consider the impact of such policies on the economy. As Nigeria navigates challenges related to cybersecurity and economic stability, finding a balanced approach to addressing these issues becomes crucial for sustainable growth and development.

Post Views: 50

Latest from Blog

US charges North Korean hacker for hospital ransomware attacks

TLDR: The U.S. DoJ indicted a North Korean hacker for ransomware attacks on hospitals The hacker, Rim Jong Hyok, is part of a group called Andariel and is accused of laundering ransom

Deadline approaching for Cyber Security Framework adoption and mandatory reporting Regulator shifts focus to enforcement from education

TLDR: Key points: Important compliance dates approaching for critical infrastructure assets under the Security of Critical Infrastructure Act. Responsible entities must adhere to specific cyber security frameworks and submit mandatory annual reports.

Cyberattack hits Selenium Grid for Crypto Mining – stay safe

Ongoing Cyberattack Targets Exposed Selenium Grid Services TLDR: Cyberattack targeting older versions of Selenium for crypto mining Threat actors using Selenium Grid services for illicit activities Cybersecurity researchers are warning about an

Bridging the cyber talent gap: tips for CISOs

TLDR: – Global cyber threats have increased twofold in recent years, leading to a talent gap of nearly 4 million cyber professionals worldwide. – Existing cyber staff are under strain, with vacancies

Deepfake dangers prompt urgent cybersecurity reevaluations for businesses

TLDR: AI-generated deepfake attacks are on the rise, leading companies to reassess their cybersecurity measures. Companies are developing deepfake response plans and running simulations to increase preparedness. Biometric authentication, once considered secure,

North Korean faces charges for cyberattacks on US targets

TLDR: A North Korean military intelligence operative has been indicted for orchestrating cyberattacks on U.S. hospitals, NASA, and military bases. Rim Jong Hyok, a member of the Andariel Unit, faces charges of

Analysts predict cybersecurity stocks will soar after CrowdStrike’s outage

“`html TLDR: CrowdStrike outage led to potential gains for cybersecurity rivals SentinelOne, Palo Alto Networks, and Microsoft’s cybersecurity business could benefit After a defective CrowdStrike update caused a global tech outage, analysts

Bitsight’s Trust Management Hub: Revolutionizing Security Assessment Process

TLDR: Bitsight has released Trust Management Hub to streamline security assessments. The new solution reduces workload by 25% and improves the assessment cycle by 85%, helping teams close deals faster. Bitsight, a

North Korean hackers pivot to ransomware attacks

TLDR: North Korean hackers from APT45 have shifted from cyber espionage to ransomware attacks APT45 has targeted critical infrastructure and is linked to ransomware families SHATTEREDGLASS and Maui A North Korea-linked threat

Europe’s telecom, electricity sectors evaluated in new EU cybersecurity report

TLDR: EU releases risk assessment report on cybersecurity in telecommunications and electricity sectors Report highlights supply chain risks, shortage of cybersecurity professionals, and threats from cybercriminals and state-sponsored actors Summary: The European

Suggestions

Nigeria hits pause on cybersecurity levy

TLDR:

Full Article:

Latest from Blog