The Central Bank of Nigeria (CBN) has retracted its directive instructing banks and payment service providers to collect and remit the cybersecurity levy as outlined in the Cybercrime Prevention and Prohibition Amendment Act of 2024. The announcement was made in a revised circular dated May 17, 2024.
The circular, signed by the Director of Payment Systems Management, Chibuzor Efobi, and the Director of Financial Policy and Regulation Department, Haruna Mustafa, was addressed to commercial banks, payment service providers (PSPs), non-interest banks, and others.
Titled “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy,” the circular was obtained by PUNCH Online on Sunday.
It read, “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 Further to this, please be advised that the above-referenced circular is hereby withdrawn.”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 directive for the collection of the levy had been met with nationwide backlash, prompting the Presidency to suspend its implementation. The Federal Executive Council decided to suspend the enforcement of the law, citing the need for further review..
