Banking Finance

CBN withdraws circular on cybersecurity levy

The Central Bank of Nigeria has retracted its directive asking 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 apex bank announced this 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.
The circular obtained by PUNCH Online on Sunday 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“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”
The directive for the collection of the levy was met with nationwide backlash which prompted the Presidency to suspend the implementation.
The Federal Executive Council suspended the implementation of the provisions of the law, citing the need to conduct further reviews.

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