CBN withdraws directive on collection of cybersecurity levy

Olayemi Cardoso
Olayemi Cardoso

The Central Bank of Nigeria (CBN) has withdrawn its directive to banks and payment service providers on the collection and remittance of the cybersecurity levy as proposed in the Cybercrime Prevention and Prohibition Amendment Act of 2024.

The apex bank stated this in a revised circular dated May 17, 2024, signed by its director of payment systems management Chibuzor Efobi and director of financial policy and regulation department, Haruna Mustafa.

The revised circular was addressed to commercial banks, non-interest, and payment service banks; other financial institutions, mobile money operators, and payment service providers.

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

“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”

The withdrawal followed the decision of the federal executive council to suspend the implementation of the provisions of the law citing the need to conduct further reviews.