CBN Withdraws Circular On Cybersecurity Levy After FG’s Suspension

The Central Bank of Nigeria has retracted its earlier directive asking banks and payment service providers to collect 0.5 cybersecurity levy.

The withdrawal was announced by the apex bank in a revised circular dated May 17, 2024.

Osun Defender reports that CBN had asked banks and payment service providers to collect and remit the as outlined in the Cybercrime Prevention and Prohibition Amendment Act of 2024, a development that caused outrage from Nigerians.

Also, President Bola Tinubu ordered the suspension of the levy following the backlash the announcement received from members of the public.

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.

The circular was titled, “Re: Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act 2024 – Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy.”

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“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”

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