The Central Bank of Nigeria (CBN) has withdrawn the directive to banks and other financial institutions to charge cybersecurity levy on electronic transfers.

On May 6, the apex bank directed all commercial, merchant, non-interest and payment service banks, mobile money operators and payment service providers to charge a 0.5 percent cybersecurity levy on electronic transfers.

According to the apex bank, the deduction and collection of the cybersecurity levy is a sequel to the enactment of the Cybercrime (prohibition, prevention etc) Amendment Act of 2024.

CBN said the charges would be remitted to the national cyber security fund, and be administered by the office of the national security adviser (ONSA).

However, CBN halted the move to charge the cybersecurity levy in a circular titled ‘Re: Cybercrimes (Prohibition, Prevention, ETC) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy,’ and dated May 17.

The circular made public on May 19 was signed by Chibuzo Efobi, director, payments system management department, and Haruna Mustafa, director, financial policy and regulation department.

“The Central Bank of Nigeria circular dated May 6, 2024 (Ref:PSMD/DIR/PUB/LAB/017/004) on the above subject refers,” CBN said.

“Further to this, please be advised that the above referenced circular is hereby withdrawn.

“Please be guided accordingly.”

CBN withdrew the directive after President Bola Tinubu suspended the cybersecurity levy on May 14.

Tinubu directed the apex bank to suspend the implementation and review the modalities for its implementation.

Criticism had trailed the levy, with the Nigeria Labour Congress (NLC) condemning the directive and describing it as “another burden on the shoulders of hardworking Nigerians”.

Joe Ajaero, the president of NLC, on May 7, said such deductions directly affect the disposable income of workers and further diminish the purchasing power of the common citizen.

Ajaero said domestic manufacturers and other businesses were already suffering as a result of the stifling socio-economic environment.

Oleksandr Usyk emerged as the world’s undisputed heavyweight boxing champion adter defeating Tyson Fury.

On Saturday night, Fury and Usyk engaged in combat at the Kingdom Arena located in Riyadh, Saudi Arabia. Usyk defeated the British fighter 115-112, 113-114, and 114-113 on the scorecards to win the fight by split decision.

In the first several rounds of the battle, Fury came out swinging, but Usyk was able to withstand the British fighter’s assault.

As the battle went on, the Ukrainian gained momentum because of his excellent movement and technical proficiency, which allowed him to block Fury’s strong attacks and land accurate shots of his own.

The highly anticipated battle took a turn for the better when the Ukrainian stopped Fury in the ninth round.

Despite Fury’s valiant effort to recover in the final rounds, Usyk’s dominance had already sealed the victory.

The 37-year-old Ukrainian is the first undisputed heavyweight champion of the world since Lennox Lewis 25 years ago. He has now unified the WBA, WBO, IBF, and WBC titles.

For Fury, it is the first loss in his 16-year professional career, but he will have a chance at a rematch before the end of the year.

In his post-fight interview, the British boxer accused the judges of giving the victory to Usyk because of the war in Ukraine.

“His country is at war, so people are siding with the country at war,” he said.

In the final game of the 2023–24 German Bundesliga season, Bayer Leverkusen defeated Augsburg 2-1 in the BayArena on Saturday thanks to an early goal by Victor Boniface.

In lieu of this victory, Leverkusen, who had already won the Bundesliga, would end the season unbeaten in the league.

In the 34-match league, the unbeaten streak that led to the league title consists of 28 wins and 6 draws.

It made history and cemented the names of Boniface and his colleagues in the Bundesliga as the first team to finish the season undefeated.

Boniface, who won the Bundesliga Rookie of the Year award earlier in the week, started the party atmosphere when he slotted home an Amaine Chadli pass inside the area in the 12th minute before Robert Andrich doubled the lead before the half-hour mark.

Mert Komur’s goal on 62 minutes proved only a consolation for Augsburg as Leverkusen sealed victory in front of their passionate fans.

The Levekusen side is led by Xabi Alonso, who is only into his second year but first full season as coach of a senior team.

The team remains unbeaten in all competitions, with the win over Augsburg extending the run to 51 matches.

They have the chance to finish the season unbeaten in all competitions with victories over Atalanta in the UEFA Europa League final on Wednesday and Kaiserslautern three days later.